New Delhi, April 7: In light of recent aggressive statements from U.S. President Donald Trump regarding Iran and escalating geopolitical tensions, gold and silver prices experienced fluctuations during Tuesday’s trading session.
On the Multi Commodity Exchange (MCX), gold for the June 5 contract opened at ₹149,759 per 10 grams, down ₹222 from the previous closing price of ₹149,981. Meanwhile, silver for the May 5 contract opened at ₹232,000 per kilogram, a decrease of ₹1,379 from its last closing price of ₹233,379.
As of around 12:13 PM, gold (June 5 futures) was trading at ₹149,806 per 10 grams, reflecting a decline of ₹175 or 0.12%. At one point during the day, it reached a high of ₹150,474, while the lowest point recorded was ₹149,201.
Similarly, silver (May 5 futures) was trading at ₹232,566 per kilogram, down ₹813 or 0.35%. During intra-day trading, silver hit a high of ₹235,547 and a low of ₹231,503.
Analysts noted that despite the geopolitical tensions, there is a lack of strong demand for gold and silver as ‘safe-haven’ investments. Currently, silver on the MCX is fluctuating between ₹231,000 and ₹233,000, facing resistance at levels between ₹233,000 and ₹234,000.
Experts suggest that if this resistance level is breached, prices could rise further. Conversely, a drop below ₹230,000 could lead to a significant decline.
In the international market, precious metals remained relatively stable. Comex gold was down $3.36 or 0.07%, trading at $4,681.34, while Comex silver saw a slight increase of $0.09 or 0.13%, trading at $72.94.
In the spot market, gold rose by $3 or 0.06% to $4,653, while spot silver experienced a minor decline of $0.02 or 0.04%, settling at $72.78.
This volatility in precious metals comes as investors keep a close watch on the deadline set by President Trump for Iran to open the Strait of Hormuz. Reports indicate that Iran aims to permanently resolve tensions with the U.S. and Israel but has not accepted the pressure to open the strait. Trump has warned of severe action against Iran if an agreement is not reached by the deadline.
Meanwhile, crude oil prices surged sharply, with Brent crude rising by 1.69% to $111.63, and WTI crude climbing over 3% to $116.56.
My name is Ganpat Singh Choughan. I am an experienced content writer with 7 years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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