As counting for the Bihar Assembly elections continues, gold and silver prices witnessed a decline on Thursday. The fall mirrored international trends, where gold retreated by nearly 1% after touching a three-week high.

Domestic Market: Gold Slips on MCX

On the Multi Commodity Exchange (MCX), gold futures for 5 December delivery dropped by ₹194, trading at ₹1,26,557 per 10 grams at 10 AM.
Key price movements:

• Previous close: ₹1,26,751
• Opening price: ₹1,26,748
• Day’s low: ₹1,26,522
• Day’s high: ₹1,27,048

The decline comes even as early trends indicate a strong lead for the ruling NDA in Bihar.

Silver Prices Also Down

Silver futures for 5 December delivery also fell sharply, declining by ₹414 to ₹1,62,056 per kg.

Price fluctuations:

• Previous close: ₹1,62,470
• Opening price: ₹1,62,851
• Day’s low: ₹1,61,648
• Day’s high: ₹1,63,333

Global Market: Sharp Correction in Precious Metals

Internationally, gold prices corrected by 1.1%, falling to $4,151.86 per ounce, while silver dropped 2.3% to $52.18 per ounce.
The decline came after the U.S. government resumed full operations, triggering broad-based selling across global markets.

Conclusion

Even as India watches the Bihar election results closely, precious metal prices have turned weak both domestically and globally. Analysts suggest that political developments, global cues, and the strong U.S. market influence will continue to drive price volatility in gold and silver in the coming days.