AI Generated Image
Gold and silver prices moved lower on Wednesday as improving geopolitical conditions weakened demand for traditional safe-haven assets.
Investors and traders remained cautious while awaiting confirmation of a reported agreement between the United States and Iran, expected later this week.
On the Multi Commodity Exchange (MCX), gold futures for August delivery fell by as much as 0.51 per cent, or ₹790, touching an intraday low of ₹1,52,301.
By late morning, the yellow metal was trading at ₹1,52,501, down ₹590 or 0.39 per cent from the previous session.
During the day, gold touched a high of ₹1,53,179, slightly above its previous close of ₹1,53,091. Silver futures for July delivery also witnessed mild weakness.
The white metal traded at ₹2,49,910, lower by ₹195 or 0.08 per cent.
During the session, silver slipped to an intraday low of ₹2,48,777 before recovering partially. It also touched a high of ₹2,51,498, reflecting continued volatility in the market.
Earlier in the trading session, gold and silver opened at ₹1,52,800 and ₹2,50,557, respectively, on the MCX.
In international markets, COMEX gold edged lower by 0.13 per cent to $4,348.70 per ounce, while COMEX silver gained 0.55 per cent to trade at $70.40.
Market analysts noted that MCX gold is currently hovering near a crucial support zone between ₹1,52,000 and ₹1,52,500.
A sustained move above the ₹1,53,500–₹1,54,000 range could improve sentiment and support a recovery towards ₹1,55,000–₹1,55,500.
A break below ₹1,52,000 may trigger fresh selling pressure, potentially pushing prices towards ₹1,50,000.
Silver has remained comparatively resilient despite recent market fluctuations.
Experts believe that a decisive move above the ₹2,51,000–₹2,52,000 resistance zone could strengthen upward momentum and drive prices towards ₹2,55,000.
Conversely, a decline below ₹2,48,000 may expose the metal to further downside pressure.
The weakness in precious metals was also accompanied by a sharp decline in crude oil prices.
Brent crude slipped below $79 per barrel, while US West Texas Intermediate (WTI) crude fell nearly one per cent to around $75 per barrel, reflecting the broader easing of geopolitical concerns across global markets.
Also Read: Crude Oil Prices Slide As Hopes Grow For US-Iran Understanding
To read more such news, download Bharat Express news apps
