Gold and Silver Markets Decline Amid Rising Oil Prices and Middle East Tensions

The gold and silver markets experienced pressure on September 15 due to escalating Middle East tensions, rising oil prices, and a stronger dollar. This led to a decline in Comex gold futures by 0.24% to $4,341.50 per ounce. Silver also fell by 0.50% to $63.82 per ounce.

The domestic MCX gold futures for the October contract saw a 0.05% increase to Rs 1,51,304 per 10 grams, while silver rose by 0.03% to Rs 2,32,750 per kilogram. The LBMA pegged gold's spot price at $4,267.10 during its PM rate session.

Nirpendra Yadav, Senior Analyst at Bonanza Portfolio, notes that the near-term tone remains cautious, with $4,300-$ 4,280 per ounce as an important support level for spot gold. He warns that a sustained break below this level could extend the correction, while holding above it may encourage dip-buying.