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Precious metals opened the week on a weaker note, with both gold and silver declining on Monday as reduced geopolitical concerns and currency strength weighed on demand for safe-haven assets.
On the Multi Commodity Exchange of India, gold futures for June delivery began trading at Rs 1,51,150, registering a drop of Rs 382 from the previous close of Rs 1,51,532.
By around 11:30 AM, prices had slipped further to Rs 1,50,623, marking a fall of Rs 729 or 0.48 per cent.
During the session, gold touched a low of Rs 1,50,400 and a high of Rs 1,51,347.
Silver futures for July delivery also edged lower. Contracts opened at Rs 2,50,699, down Rs 238 from the prior close of Rs 2,50,937. Later in the morning, silver was quoted at Rs 2,49,600, reflecting a decline of Rs 1,337 or 0.53 per cent.
The metal moved within a range of Rs 2,49,600 to Rs 2,51,231 during the trading session.
In overseas markets, the trend remained subdued. Gold on COMEX was down 0.55 per cent at $4,619 per ounce, while silver slipped 0.48 per cent to $76.065 per ounce.
Strong Dollar, Easing Tensions Weigh on Demand
Market participants attributed the downward movement to a combination of factors, including a stronger US dollar and a moderation in geopolitical risks.
Comments from US President Donald Trump regarding efforts to assist vessels in the Strait of Hormuz signalled a possible easing of tensions between Washington and Tehran, reducing the urgency for safe-haven investments.
At the same time, lingering concerns over supply disruptions in the region and their impact on inflation have kept central banks cautious, limiting any sharp upside in bullion.
Crude oil prices also declined during the session, with Brent crude falling 0.61 per cent to $107.51 per barrel and US West Texas Intermediate (WTI) dropping 2.77 per cent to $99.11 per barrel, contributing to the overall shift in market sentiment.
Also Read: Crude Oil Prices Slip As Trump Signals Action In Strait Of Hormuz
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