Gold and silver prices traded lower on Tuesday, with precious metals falling up to 1 per cent as elevated US yields and geopolitical tensions weighed on bullion sentiment.
On the Multi Commodity Exchange (MCX), December gold futures traded at Rs 1,48,410 per 10 grams, down Rs 487 or 0.33 per cent.
Gold fell as much as 0.50 per cent, or Rs 747, to an intraday low of Rs 1,48,150 by 10:34 am. It touched a high of Rs 1,49,034, gaining 0.09 per cent.
December silver futures declined as much as 1.29 per cent, or Rs 2,942, to Rs 2,24,500 per kg. The metal last traded at Rs 2,25,338, down Rs 2,104 or 0.93 per cent. It touched Rs 2,26,359 during the session.
Tensions between the US and Iran over the Strait of Hormuz kept energy prices elevated. Spot gold traded lower after plunging 4 per cent in the previous session to a seven-week low.
Iranian officials reportedly expressed pessimism about reaching an agreement with Washington before the US midterm elections in November.
The developments followed US President Donald Trump’s rejection of Iran’s proposal to reopen the critical waterway within seven days.
Higher US yields further pressured non-yielding assets such as gold and silver.
Commodity experts placed immediate gold resistance at Rs 1,50,000-1,50,700 and support at Rs 1,48,000-1,47,300.
A sustained move above Rs 1,50,000 could signal recovery, while a break below Rs 1,48,000 may trigger further weakness.
For silver, resistance stood at Rs 2,27,000-2,28,000, while support was at Rs 2,24,000-2,23,000. A decisive break below Rs 2,24,000 could expose the metal to Rs 2,20,000.
Also Read: Indian Equities Open Lower As Global Weakness And Crude Prices Pressure Markets
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