Gold, Silver Prices Slip As Investors Track US-Iran Tensions, Crude Oil Surge

Gold and silver prices witnessed a decline on Wednesday as investors reacted cautiously to escalating geopolitical tensions between the United States and Iran, alongside rising crude oil prices that continued to influence global commodity markets.

On the Multi Commodity Exchange (MCX), gold futures for August delivery traded lower at around ₹1,58,928 per 10 grams, while silver futures for July delivery slipped to approximately ₹2,64,450 per kilogram.

Both precious metals experienced significant intraday fluctuations, reflecting heightened uncertainty among traders and investors.

International markets also remained under pressure. Spot gold and COMEX gold futures registered losses, while silver prices weakened across global exchanges.

Analysts noted that although precious metals traditionally benefit from safe-haven demand during periods of uncertainty, profit booking and broader market volatility weighed on prices.

Investor sentiment remained cautious following reports of renewed tensions in West Asia.

Concerns intensified after attempted missile attacks linked to Iran reportedly targeted locations in Bahrain, Kuwait and other regional areas.

Although several attacks were intercepted or unsuccessful, the developments added to the uncertainty surrounding diplomatic negotiations between Washington and Tehran.

Rising crude oil prices have heightened concerns about global inflation, with higher energy costs potentially keeping interest rates elevated for longer.

Despite recent losses, gold remains resilient near the ₹1,59,000 level.

Analysts believe a move above ₹1,60,000 could push prices towards ₹1,62,000–₹1,63,000 per 10 grams, while support remains around ₹1,58,000.

For silver, ₹2,68,000 per kilogram remains a key resistance level, while a drop below ₹2,65,000 could trigger further weakness.

Analysts say the near-term direction of gold and silver will depend on developments in the US-Iran conflict, crude oil prices and global economic trends.

As geopolitical and inflation concerns persist, precious metals are likely to remain volatile.

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