Gold and silver began the week on a weaker note on the Multi Commodity Exchange of India on Monday. The decline came as rising crude oil prices intensified inflation concerns and strengthened expectations that interest rates could remain elevated for an extended period, particularly with US-Iran negotiations still at an impasse.
Hopes of renewed diplomatic momentum faded over the weekend after US President Donald Trump cancelled a planned visit to Islamabad by his envoys, Steve Witkoff and Jared Kushner. This development came even as Iranian Foreign Minister Abbas Araghchi arrived in Pakistan.
In domestic trading, MCX silver futures for May 2026 delivery declined by Rs 21,400, or 0.5 per cent, to Rs 2,43,253 per kilogram. Gold futures for June 2026 delivery, however, remained largely unchanged at Rs 1,52,640 per 10 grams.
In the previous trading session, silver had gained roughly Rs 3,000, while gold rose by more than Rs 1,000.