Gold and Silver Prices Tumble: Gold Drops to ₹91,629/10g, Silver Slips Below ₹94,500/kg

GG News Bureau
New Delhi, 15th May: Precious metals witnessed a sharp decline on Thursday, with both gold and silver prices trading in the red in domestic as well as global markets. Weak global cues and profit booking contributed to the sell-off.

On the Multi Commodity Exchange (MCX), gold futures for June 5, 2025 delivery fell by ₹636 or 0.69% to ₹91,629 per 10 grams in early trade. The yellow metal remained under pressure amid a correction from record-high levels earlier this week.

Silver prices also saw a steep drop. MCX silver futures for July 4 delivery were trading 1.06% lower, down ₹1,009, at ₹94,457 per kilogram on Thursday morning.

Global Gold Rates Fall
In the international market, gold prices continued their downward trajectory. On COMEX, gold futures dropped 0.94% or $30.10 to trade at $3,158.20 per ounce. Meanwhile, the spot price of gold declined 0.76% or $23.70, hovering at $3,153.55 per ounce.

Global Silver Slips Too
Silver followed suit in the global market. COMEX silver futures fell by 1.31% or $0.42 to $32.02 per ounce, while spot silver dropped 1.03% or $0.33 to trade at $31.89 per ounce.

Market Sentiment
Experts attribute the decline in gold and silver prices to profit booking after a strong rally and the strengthening of the US dollar. Additionally, easing geopolitical tensions and expectations of interest rate stability have also dampened the appeal of safe-haven assets.

Traders and investors are advised to monitor global economic indicators, interest rate cues, and dollar movement closely as they will continue to influence the direction of precious metals in the short term.