Gold Slumps 2%, Silver Retreats As Oil Prices Spike; MCX Gold Slides To Rs 1.53 Lakh

Gold and silver prices traded lower on Monday as a sharp surge in crude oil prices weighed on sentiment across commodity markets, prompting investors to book profits in precious metals after their recent rally.

Spot gold fell 1.56% to $4,468.67 an ounce as of 22:08 IST. The yellow metal touched an intraday low of $4,447.81, down more than 2% from the day's high of $4,546.03, highlighting the intensity of the selloff.

The decline came as oil prices jumped amid renewed geopolitical concerns in the Middle East, triggering a broader reassessment of positions across commodity markets.

On the domestic front, MCX Gold futures for June delivery fell Rs 1,775, or 1.14%, to Rs 1,53,518 per 10 grams as of 22:09 IST. During the session, the contract traded between Rs 1,53,217 and Rs 1,55,297, with open interest data indicating long unwinding, suggesting traders were cutting bullish positions.

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Silver also edged lower, although losses remained relatively contained compared with gold.

US spot silver declined 0.72% to $74.736 per ounce as of 22:08 IST. Meanwhile, MCX Silver futures slipped Rs 2,176, or 0.81%, to Rs 2,66,462 per kilogram at 22:06 IST. The contract moved within a day's range of Rs 2,62,100 to Rs 2,68,684.

Market participants continue to monitor developments in energy markets and geopolitical tensions, with higher oil prices stoking inflation concerns and adding volatility across commodities. Analysts said bullion could remain sensitive to shifts in risk sentiment and crude oil movements in the near term.

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