MUMBAI — Gold and silver prices declined sharply on Thursday after President Donald Trump’s remarks on the Middle East conflict failed to signal an imminent resolution, dampening investor sentiment in bullion markets.
On the Multi Commodity Exchange (MCX), gold futures for June 5 delivery fell as much as 2.31 percent, or Rs 3,563, to an intraday low of Rs 1,50,145. At the day’s high, gold was still down 0.79 percent, or Rs 1,218, at Rs 1,52,490.
Silver saw steeper losses, with May 5 futures dropping as much as 5.59 percent, or Rs 13,613, to an intraday low of Rs 2,29,888. The metal briefly touched an intraday high of Rs 2,42,800, up 0.28 percent from the previous close.
In global markets, spot gold declined 2.26 percent to an intraday low of $4,650.30, while spot silver fell 4.7 percent to $71.50. COMEX gold was down 2.73 percent at $4,813, and COMEX silver dropped around 6 percent to near $71.
Analysts said the overall price structure for precious metals remains weak, with geopolitical tensions providing only limited support for safe-haven demand.
“The near-term bias remains cautious, with macro uncertainty and geopolitical developments expected to continue driving momentum,” analysts said.
Prices reversed earlier gains after Trump said the month-long conflict with Iran could be nearing an end but warned that the United States may strike Iran “extremely hard” within two to three weeks if necessary.
He also urged countries dependent on Middle Eastern oil to help address disruptions in the Strait of Hormuz, a key global energy route.
Meanwhile, oil prices surged, adding to market volatility. Brent crude rose as much as 5.24 percent to $106.47 per barrel, while U.S. West Texas Intermediate futures climbed 4.5 percent to $104.64. (Source: IANS)
