Gold and silver prices experienced a decline in international markets on Thursday, following recent record highs, as investors reacted to a more cautious tone from US President Donald Trump regarding geopolitical tensions.
On Wednesday, the Multi Commodity Exchange (MCX) saw gold prices reach a new peak of ₹1,43,590 per 10 grams, while silver prices hit an all-time high of ₹2,91,406 per kilogram, driven by robust demand for the precious metals.
In domestic trading, MCX gold climbed 0.67% to ₹1,43,201 per 10 grams, and MCX silver surged 5% to ₹2,89,000 per kilogram. The Indian stock market was closed for a holiday today, 15 January 2025, with commodity trading scheduled to resume at 5 PM in the evening session.
Internationally, gold prices declined by 0.6%, settling at $4,594.66 per ounce after hitting a record of $4,642.72 in the previous session. US gold futures for February delivery also fell 0.8% to $4,599.50. The retreat was prompted by Trump’s remarks indicating no plans to fire Federal Reserve Chair Jerome Powell despite ongoing Justice Department investigations, reducing safe-haven appeal.
Silver prices saw an even sharper decline, dropping 5.3% to $87.88 per ounce after reaching an all-time high of $93.57 earlier in the day. The precious metal has surged over 20% in the past four sessions, partly due to the US holding off on tariffs on critical mineral imports.
Market analysts note that the easing tone from US officials has contributed to the correction in bullion prices after a series of record-breaking sessions.