NEW DELHI — Gold and silver prices traded in a choppy range on Tuesday as escalating geopolitical tensions in West Asia and a sharp rise in crude oil prices fueled market uncertainty.
On the Multi Commodity Exchange, gold futures for June delivery were trading at ₹1,50,228, up ₹247 or 0.16 percent late in the morning session. The metal saw intraday swings, rising as much as 0.32 percent to ₹1,50,474 after earlier slipping 0.23 percent to ₹1,49,625.
Silver futures for May delivery also showed volatility, trading 0.48 percent higher at ₹2,34,500. The metal climbed nearly 1 percent during the session to an intraday high of ₹2,35,547, after earlier falling to a low of ₹2,31,800.
Analysts said that despite heightened geopolitical tensions, precious metals have not displayed strong safe-haven demand, contributing to the erratic price movements.
MCX silver continued to hover in a volatile range of ₹2,31,000 to ₹2,33,000, with resistance seen between ₹2,33,000 and ₹2,34,000. Analysts noted that a breakout above this band could push prices higher, while a drop below ₹2,30,000 may accelerate losses.
In international markets, price action remained largely subdued. COMEX gold was trading at $4,681.34, down 0.07 percent, while COMEX silver edged up 0.13 percent to $72.94. Spot gold was slightly higher at $4,653, while spot silver was marginally lower at $72.78.
The volatility comes as traders react to rising tensions involving Iran and the United States, including a deadline set by U.S. President Donald Trump regarding the reopening of the Strait of Hormuz.
Iran has signaled it is seeking a lasting reduction in tensions with the U.S. and Israel while resisting pressure to reopen the strategic waterway. Trump, however, warned that Iran could be “taken out” if it failed to meet the deadline for a deal.
Meanwhile, crude oil prices surged sharply, adding to market jitters. Brent crude futures rose as much as 1.69 percent to $111.63 per barrel, while U.S. West Texas Intermediate crude jumped more than 3 percent to $116.56.
Analysts said the combined impact of geopolitical risks and rising oil prices is likely to keep commodity markets volatile in the near term. (Source: IANS)
