Metal prices witnessed a broad-based decline on Thursday, January 30, as profit booking after recent record highs and a rebound in the US dollar weighed on sentiment across precious and base metals.
MCX metal prices today
On the Multi Commodity Exchange (MCX), silver futures were trading sharply lower at around Rs 3,86,244 per kg, down Rs 13,649 or 3.41%. Gold futures (Gold1) declined to Rs 1,67,256 per 10 grams, slipping Rs 2,147 or 1.27%, while gold in the international-linked contract was down 3.13% at Rs 5,211.04.
Palladium futures also saw notable pressure, falling 3.99% to Rs 1,923.55, reflecting risk-off sentiment after the recent metals rally. Copper futures eased as well, trading at Rs 1,392.95 per kg, down 1.31%, as traders booked profits following record highs earlier this week.
Global metal prices
In global markets, spot gold fell about 3.3%, while spot silver dropped nearly 4.4%, according to ICE data. The decline comes after precious metals rallied strongly on safe-haven demand driven by geopolitical and economic uncertainty. However, a firmer US dollar and profit-taking at elevated levels triggered a sharp pullback.
Despite the correction, analysts note that metals such as gold and silver are still trading significantly higher on a monthly basis after one of their strongest rallies in recent years.
Disclaimer: Market reports data; prices are indicative and subject to change.
