MUMBAI, India — Gold and silver prices declined sharply Tuesday, falling by as much as 2 percent as rising crude oil prices and continued geopolitical tensions in West Asia pressured precious metals.
On the Multi Commodity Exchange, gold futures for June delivery came under selling pressure, dropping to an intraday low of Rs 1,50,450 per 10 grams, down 0.83 percent. The metal briefly touched a high of Rs 1,51,802 before easing again. It was last trading at Rs 1,50,600, down Rs 1,121, or 0.74 percent.
Silver futures for May delivery also weakened, sliding to an intraday low of Rs 2,36,600 per kilogram, a decline of more than 2 percent. The metal later traded at Rs 2,37,600, down Rs 4,224, or 1.75 percent.
Analysts said the near-term outlook for precious metals remains cautious amid heightened volatility and geopolitical uncertainty.
“MCX gold is witnessing selling pressure near resistance levels, with Rs 1,52,000 acting as a key hurdle. A sustained move above this level could push prices higher, while a break below Rs 1,51,000 may lead to extended profit booking,” a commodity market expert said.
“For MCX silver, prices are hovering around Rs 2,40,000, indicating weak buying interest. A sustained move above Rs 2,42,000–Rs 2,44,000 could support a recovery, while a break below Rs 2,40,000 may accelerate the downside,” the expert added.
Internationally, prices also moved lower. On COMEX, gold slipped 0.27 percent to $4,680 per ounce, while silver fell 0.73 percent to $74.48 per ounce.
Despite the pullback, both metals have delivered strong gains over the past year. Gold has risen more than 40 percent in dollar terms, while silver has surged about 125 percent.
Market sentiment has been shaped by ongoing tensions between the United States and Iran, with negotiations showing little progress. The U.S. has rejected Iran’s proposal to reopen the Strait of Hormuz and delay nuclear talks until maritime restrictions are lifted, instead seeking a broader agreement addressing both issues at once.
At the same time, crude oil prices surged toward 52-week highs, adding further pressure. Brent crude touched an intraday high of $111.31 per barrel, while U.S. West Texas Intermediate rose as much as 2.53 percent to $98.81, reflecting continued uncertainty in global energy markets. (Source: IANS)
