Gold and silver prices faced selling pressure on Tuesday due to concerns over developments in West Asia and the US interest rate outlook. On the Multi Commodity Exchange (MCX), gold futures for August dropped by 1.37%, reaching an intraday low of Rs 1,40,450 per 10 grams. The yellow metal was trading at Rs 1,41,124, down over Rs 1,278, or about 1%.
Silver futures for September also saw a decline, falling by over 1% to an intraday low of Rs 2,20,247 per kg. The white metal was trading at Rs 2,21,715 per kg, down over Rs 900, or 0.41%, after hitting an intraday high of Rs 2,22,293. Market experts noted that gold prices were under pressure as investors assessed developments in West Asia and the US Federal Reserve’s interest rate plans.
Analysts mentioned that the near-term outlook for silver remains cautious after it failed to sustain levels above Rs 2,22,500. In the international market, COMEX gold was trading below $4,000 an ounce, while COMEX silver saw an increase of more than 1%, trading at $59.11. Benchmark Brent crude dropped by over 1% to $73.08 per barrel, and US West Texas Intermediate (WTI) crude also declined by over 1%, trading below $70 a barrel.
