Gold and silver prices saw a decline of nearly 2% on Tuesday after the US military carried out fresh strikes on southern Iran. On the Multi Commodity Exchange (MCX), gold futures for June 5 were trading 0.61% lower at Rs 1,58,110 by around 10:25 am. The yellow metal hit an intraday low of Rs 1,58,000, down over Rs 1,000 from the previous close.
Similarly, silver futures for July 3 also experienced selling pressure, dropping almost 2% to reach an intraday low of Rs 2,71,972. At the latest update, silver was trading at Rs 2,72,008, down 1.7% from the previous close. The selling pressure in precious metals followed the US military’s strikes in southern Iran targeting missile sites and boats.
Market experts mentioned that MCX gold opened slightly lower and traded above Rs 1,58,000, signaling a cautious market sentiment. They highlighted that immediate resistance for gold is around Rs 1,59,000-Rs 1,59,500, while a sustained move above could push prices towards Rs 1,60,000-Rs 1,60,500. For silver, they noted that it was holding above Rs 2,73,000 with resistance near Rs 2,75,000.
Geopolitical factors and safe-haven demand are continuing to impact the direction of precious metals, according to market analysts. Meanwhile, global crude oil prices showed a rebound, with Brent crude rising 1% to $98 a barrel and US West Texas Intermediate (WTI) crude increasing over 3% to nearly $94.
