MUMBAI — Gold and silver prices fell Monday as signs of easing tensions between the U.S. and Iran reduced some safe-haven demand for precious metals.
On the Multi Commodity Exchange, June 5 gold contracts opened at 151,150 rupees, down 382 rupees, or 0.25%, from the previous close of 151,532 rupees. Around 11:30 a.m., gold was trading at 150,623 rupees, down 729 rupees, or 0.48%.
The yellow metal touched an intraday low of 150,400 rupees, down 952 rupees, or 0.62%, and an intraday high of 151,347 rupees.
Silver futures for July 3 opened at 250,699 rupees, down 238 rupees, or 0.09%, from the previous close of 250,937 rupees. The white metal was later trading at 249,600 rupees, down 1,337 rupees, or 0.53%.
Silver hit an intraday low of 249,600 rupees, down 2,599 rupees, or 1.05%, and a high of 251,231 rupees.
International precious metals were also under pressure. COMEX gold fell 0.55% to $4,619 an ounce, while silver declined 0.48% to $76.065 an ounce.
A commodity market expert said gold extended last week’s decline and hovered near one-month lows as a stronger dollar and elevated crude oil prices weighed on sentiment. The expert said easing U.S.-Iran tensions reduced some safe-haven buying, while lingering supply risks in the Strait of Hormuz continued to fuel inflation concerns and kept major central banks in a cautiously hawkish stance.
U.S. President Donald Trump said Washington would launch “Project Freedom” to help guide stranded vessels and their crews safely through the Strait of Hormuz. He described the effort as a humanitarian gesture aimed at assisting neutral countries not involved in the U.S.-Iran conflict, while warning that Iran would face a strong response if any threat emerged.
Crude oil prices also moved lower. Brent crude fell 0.61% to $107.51 a barrel, while U.S. West Texas Intermediate crude dropped 2.77% to $99.11 a barrel. (Source: IANS)
