Gold and silver prices saw a decline on Tuesday due to global uncertainty, with both precious metals trading lower by up to around 1 per cent. On the Multi Commodity Exchange (MCX), gold contracts for June 5 were trading at Rs 1,53,415, down 0.34 per cent or Rs 528. The yellow metal was at Rs 1,53,585 per 10 grams, a decline of Rs 358 or 0.23 per cent.
Silver futures contracts for May 5 also experienced a decrease of around 0.92 per cent, or Rs 2,335, at Rs 2,50,210. The white metal recorded an intraday high of Rs 2,51,743 and was trading at Rs 2,50,903 per kg, down Rs 1,642 or 0.65 per cent.
In the international markets, both gold and silver were trading in the red. COMEX gold fell 0.43 per cent to $4,807 per ounce, while silver declined 1.44 per cent to $78.885 per ounce. A commodity market expert mentioned that uncertainty related to the US-Iran ceasefire and upcoming macroeconomic events has led to cautious sentiment, resulting in a slight dip in gold prices.
Markets are on edge over whether fresh peace talks will happen before the ceasefire expires this week, with conflicting signals from both sides adding to volatility. While US President Donald Trump confirmed a delegation’s travel to Pakistan for negotiations, Iranian officials indicated talks were unlikely as long as the US naval blockade remains. Reports suggested Tehran may still participate through regional mediators. Geopolitical risks were highlighted by recent events, including the US capture of an Iran-flagged vessel.
Investor focus has shifted to domestic factors, particularly the Senate confirmation hearing of Federal Reserve Chair nominee Kevin Warsh. His hawkish stance on monetary policy and preference for a leaner balance sheet have previously impacted bullion prices. With ongoing uncertainty in geopolitics and policy outlook, gold remains under pressure. Echoing this trend, oil prices also declined by up to 2 per cent. Brent crude futures fell 1.71 per cent to $93.84 per barrel, hitting an intraday low, while US West Texas Intermediate (WTI) traded at $85.5, down 2 per cent from the previous close.
