Gold futures on the Multi Commodity Exchange (MCX) ticked up ₹150, or 0.1%, to ₹1.50 lakh per 10 grams on Friday. Silver futures followed suit, gaining ₹368, or 0.16%, to ₹2.33 lakh per kilogram. In over‑the‑counter markets, gold futures were up 0.01% at $4,275.38 an ounce, while silver futures edged 0.02% to $63.80 an ounce.
The uptick comes against a backdrop of US Treasury yields hovering above 5%, a stronger dollar, and market expectations that the Federal Reserve may keep rates elevated longer. Gaurav Garg, Head of Research at Lemonn, noted that higher yields dampen the appeal of non‑yielding assets like gold and silver. Vikram Subburaj, CEO of Giottus.com, added that the global interest‑rate outlook, coupled with a firm dollar, continues to weigh on bullion prices. These dynamics have pushed traders to adopt a wait‑and‑see approach.
Physical demand remains steady but cautious, with buyers at current price levels becoming more selective. Darshan Desai, CEO of Aspect Bullion & Refinery, said that inventory management and responsiveness to actual demand are crucial amid expected price swings. He expects price volatility to persist, urging traders to adjust positions accordingly.
Broader commodity markets add layers of uncertainty: crude oil prices eased, with WTI at $93.80 and Brent at $105.85, while geopolitical tensions over a possible US‑Iran truce continue to loom. Subburaj warned that higher crude and US yields pose inflationary risks that could feed back into currency and commodity pricing. The next key cues for bullion will likely be US rate expectations, Treasury yield movements, dollar strength, and any shifts in geopolitical risk. Investors are advised to monitor these signals when planning their exposure to gold and silver.