MUMBAI, India — Gold and silver prices declined Thursday despite escalating geopolitical tensions, as uncertainty over U.S.-Iran ceasefire talks weighed on market sentiment.
On the Multi Commodity Exchange, gold futures for June delivery fell as much as 0.74 percent, or Rs 1,129, to an intraday low of Rs 1,50,647. The metal later pared some losses to trade at Rs 1,51,113, down Rs 663, or 0.44 percent, after touching a high of Rs 1,51,452.
Silver futures for May delivery also dropped sharply, falling 2 percent, or Rs 4,785, to an intraday low of Rs 2,35,133. The metal was later trading at Rs 2,36,417, down Rs 3,501, or 1.46 percent, after hitting a high of Rs 2,37,589.
Analysts said gold opened with a mild gap down and has been trading in a narrow range of Rs 1,50,500 to Rs 1,51,500, with buying interest emerging at lower levels.
“A sustained move above Rs 1,52,000 could revive momentum towards Rs 1,53,000–Rs 1,55,000. However, a decisive break below Rs 1,50,000 may drag prices down to Rs 1,48,000–Rs 1,47,000 levels,” analysts said.
For silver, analysts noted that prices also opened lower but found some support from safe-haven demand and strength in industrial metals. Prices have been hovering around Rs 2,36,000 amid elevated volatility, though the broader tone remains cautious.
“Resistance is placed at Rs 2,40,000–Rs 2,43,000. A breakout could push prices towards Rs 2,45,000–Rs 2,47,000. On the downside, a break below Rs 2,36,000 may accelerate selling towards the Rs 2,33,000–Rs 2,30,000 range,” they said.
Overall, analysts said the bias remains mildly positive due to macroeconomic support, though momentum appears tentative and requires confirmation for a sustained uptrend.
In international markets, COMEX gold traded lower by more than 1 percent at $4,718.60, while spot gold was nearly flat at $4,718.
COMEX silver dropped 3.26 percent to $72.92, while spot silver was at $73.77, down 0.46 percent.
Meanwhile, energy prices moved higher, with Brent crude rising 3.31 percent to $97.89 per barrel and U.S. West Texas Intermediate crude gaining about 4 percent to $98.38. (Source: IANS)
