Gold And Silver Prices Fall By Up To 1 Per Cent, Elevated US Yields And Geopolitical Tensions Weigh On Trade
Mumbai: Gold and silver futures declined on Tuesday as elevated US bond yields and uncertainty surrounding the US-Iran standoff weighed on precious metals. Silver saw the sharper fall, dropping more than 1 per cent at its intraday low. On the Multi Commodity Exchange (MCX), December gold futures traded at ₹1,48,410 per 10 grams, down ₹487, or 0.33 per cent. Gold had earlier touched a low of…
Mumbai - Gold and silver prices experienced a decline on Tuesday due to elevated US bond yields and geopolitical tensions surrounding the US-Iran situation, according to trade data from the Multi Commodity Exchange (MCX). Silver witnessed the more significant drop, falling over 1 per cent during the day. On MCX, December gold futures were traded at ₹1,48,410 per 10 grams, a decline of ₹487, or 0.33 per cent from earlier levels.
Gold's high for the day was ₹1,49,034, while its low was ₹1,48,150. Conversely, silver futures saw a drop of ₹2,104, or 0.93 per cent, trading at ₹2,25,338 per kg. The metal plummeted as far as 1.29 per cent to ₹2,24,500 at one point during the trading session. The quoted prices represent the morning trade and may fluctuate throughout the day.
The decline in precious metals can be attributed to higher US yields, which have made non-yielding assets less appealing to certain investors. Additionally, concerns over the Strait of Hormuz have contributed to heightened energy prices, and the lack of progress towards a US-Iran agreement has added to market uncertainty. Following US President Donald Trump's rejection of Iran's proposal to reopen the waterway within seven days, there has been ongoing speculation about the possibility of a resolution.
Commodity experts have noted that immediate resistance for gold lies between ₹1,50,000 and ₹1,50,700, with support expected around ₹1,48,000 and ₹1,47,300. For silver, resistance is forecasted at ₹2,27,000-₹2,28,000, while support is anticipated between ₹2,24,000 and ₹2,23,000. A sustained rise above ₹1,50,000 for gold could indicate a potential recovery, while a firm break below ₹1,48,000 might trigger further selling pressure.
Similarly, a move above ₹2,28,000 for silver could stabilize prices, whereas a drop below ₹2,24,000 could expose traders to the ₹2,20,000 region. Market participants will continue to monitor US yields, developments involving Iran, and oil prices to determine the next direction for bullion.
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