Precious metals like gold and silver experienced a significant decline despite escalating tensions in West Asia. The India Bullion and Jewellers Association reported a sharp drop in the price of 24-carat gold to Rs 1,47,889 per 10 grams, marking a substantial decrease of Rs 6,990 in just one day. Similarly, the rate of 999 purity silver fell to Rs 2,29,873 per kilogram from Rs 2,49,907 per kilogram, registering a notable decline of Rs 20,034 per kg.
Over the past week, gold prices have fallen by more than Rs 12,000, while silver has seen a drop of over Rs 38,000, indicating sustained pressure in the precious metals market. On the Multi Commodity Exchange (MCX), gold contracts for April delivery were trading at Rs 1,42,516 per 10 grams, down 6.87%, while silver contracts for May delivery were at Rs 2,23,400 per kilogram, down 11.94%.
The downward trend continued as April gold futures hit a low of Rs 1,41,121 per 10 grams, the lowest level since early February. In a similar fashion, May silver futures dropped to an intra-day low of Rs 2,14,212 per kilogram. The ongoing geopolitical tensions in West Asia, coupled with fluctuations in the US dollar and crude oil prices, have led to sharp volatility in the market, with concerns of potential escalation between the US and Iran impacting global markets and weighing on precious metal prices.
