Gold, Silver Prices Fall After Fresh US Strikes In Iran

Gold and silver prices traded lower on Tuesday after fresh US military strikes in southern Iran increased geopolitical tensions and triggered cautious sentiment in commodity markets.

On the Multi Commodity Exchange (MCX), gold futures for June delivery slipped nearly 0.6 per cent to trade around Rs 1,58,110 per 10 grams during morning trade.

The yellow metal touched an intraday low of nearly Rs 1,58,000 after opening lower compared to the previous session.

Silver futures for July delivery also witnessed sharp selling pressure. The white metal declined nearly 2 per cent and slipped below Rs 2,72,000 per kilogram during intraday trade.

Silver later traded around Rs 2,72,008, remaining significantly lower than the previous close.

Commodity market experts attributed the decline in precious metals to renewed geopolitical tensions after the US military carried out fresh strikes in southern Iran targeting missile sites and boats allegedly attempting to lay mines.

The strikes came even as Iranian negotiators reportedly held talks in Doha with Qatar’s Prime Minister regarding a possible agreement to end the ongoing conflict involving Iran, the United States and Israel.

Analysts said MCX gold held above the Rs 1,58,000 level despite weak sentiment, with resistance seen between Rs 1,59,000 and Rs 1,59,500.

Experts added that a fall below Rs 1,58,000 could trigger further selling pressure. For silver, analysts placed resistance near Rs 2,75,000 and support around Rs 2,72,000.

They said geopolitical tensions and safe-haven demand continue to influence precious metal prices.

Brent crude traded near $98 per barrel, while WTI crude rose close to $94, keeping investors cautious amid rising global uncertainty.

Also Read: Delhi-NCR Braces For Severe Heatwave As IMD Issues Yellow Alert