Commodities

Upto 1,500 acres were allotted for gold mining in this Kurnool village almost a decade ago.

Precious metal has corrected sharply from January highs, but analysts see long-term drivers intact; key support levels in focus.

On Friday, both indices snapped a five-day winning streak, with Nifty falling 0.64% to 24,013.10 and Sensex down 0.78% to 76,802.90.

MCX silver July futures contract dipped 3.09% or Rs 7,338 to Rs 2,30,234 per 10 grams.

Gold and silver prices in India declined due to reduced safe-haven demand amid strong stock markets and a stronger rupee, despite modest global price rebounds.

MCX gold July futures contract dipped 1.34% or Rs 1,974 to Rs 1,45,450 per 10 grams, while the MCX silver July futures dropped 2.47% or Rs 5,871 to Rs 2,31,701 per kg.

Fuel prices in India depend on several factors, with global crude oil prices being the most significant as crude is the primary raw material used to produce petrol and diesel.

Brent crude fell towards $79 a barrel on Friday and was down more than 9% for the week, while West Texas Intermediate traded near $75.

Fed signals more tightening ahead, overshadowing support from falling oil prices and keeping pressure on bullion markets.

The NSE Nifty 50 rose 82.30 points, or 0.34%, to close at 24,168. The BSE Sensex gained 254.36 points, or 0.33%, to end at 77,409.98.

MCX Silver July Futures fell 2.11% or Rs 5,307 to Rs 2,46,500 per kg. MCX Gold July Futures slipped 1.06% or Rs 1,608 to Rs 1,50,139 per 10 grams.

With the war coming to an end, brent crude prices have also declined sharply, erasing most of the war premium. However, the prices of petrol and diesel have remain unchanged on Thursday, June 18.

Treasury yields climb after policymakers raise projections for future rate increases.

Brent crude slipped below $78 a barrel, while West Texas Intermediate traded near $76, extending a sharp pullback that has erased most of the gains triggered by the conflict earlier this year.

Money market, which has an inverse relationship with the bullion, reacted positively to the projections, with yields on two-year Treasuries soaring by 14 basis points to 4.19%.

Benchmark indices extended gains for the fourth straight session, ending near six-week highs.

White Oak Capital's Ramesh Mantri says in-house models recommend zero silver, lowest permissible gold allocation; equities rank ahead of all asset classes right now.

Both gold and silver have distinct traits. The precious yellow metal is largely a safe haven, while silver is an industrial metal today.

MCX gold July futures contract dipped 0.2% to Rs 1,50,676 per 10 grams, while the MCX silver July futures dropped 0.22% to Rs 2,49,560 per kg.

Fuel prices in India depend on several factors, with global crude oil prices being the most significant as crude is the primary raw material used to produce petrol and diesel.