Gold Price Today: MCX Gold Falls Rs 1,233 As US-Iran Tensions Weigh

Gold and silver prices declined sharply on Friday as heightened geopolitical uncertainty following fresh US-Iran tensions weighed on investor sentiment.

The selling pressure emerged after US Treasury Secretary Scott Bessent warned of unprecedented economic measures against Iran, raising concerns over the potential impact on global markets.

On the Multi Commodity Exchange (MCX), October gold futures fell as much as 0.8 per cent, or ₹1,233, to ₹1,52,233 by 10:22 AM.

The yellow metal was later trading at ₹1,52,415, down ₹1,051, or 0.68 per cent, from the previous close.

Gold had touched an intraday high of ₹1,53,200, which was ₹266, or 0.17 per cent, lower than the previous close.

September silver futures also came under pressure, falling to an intraday low of ₹2,32,454, down ₹2,993, or 1.27 per cent.

Silver was trading at ₹2,32,880, lower by ₹2,567, or around 1 per cent. It had touched an intraday high of ₹2,33,982, down ₹1,465, or 0.62 per cent, from the previous close.

Gold and silver opened at ₹1,53,200 and ₹2,33,780, respectively, on the MCX.

The decline followed reports that Bessent said the US could combine economic isolation with a continued blockade of the Strait of Hormuz, adding to market uncertainty.

Market experts said MCX gold had extended its downward momentum after facing resistance near ₹1,55,500. They placed immediate resistance at ₹1,53,000–₹1,53,500, with a sustained move above this range potentially pushing prices towards ₹1,54,000–₹1,54,500.

Support remains at ₹1,52,000–₹1,51,500, followed by stronger support around ₹1,51,000.

Although gold remains above major exponential moving averages (EMAs), a weakening MACD and a reversal in the RSI from overbought levels suggest near-term pressure.

For MCX silver, immediate support stands at ₹2,32,000, followed by ₹2,31,500–₹2,31,000.

The metal has slipped below its 20-day EMA, while easing MACD and RSI indicators point to weakening momentum.

Analysts maintained a cautious outlook, warning that a break below ₹2,32,000 could trigger further downside.

Also Read: Delhi Weather: Widespread Rain Likely On August 14-19 As IMD Forecasts Showers