Gold and Silver Prices Decline Amid US-Iran Tensions and Elevated Yields

Gold and silver prices declined on Tuesday due to elevated US yields and geopolitical tensions. The yellow metal traded lower, reaching an intraday low of Rs 1,48,150 per 10 grams, down 0.50% or Rs 747 from its previous high. Silver futures also fell, hitting an intraday low of Rs 2,24,500 per kg, down 1.29% or Rs 2,942.

The selling pressure in precious metals came amid tensions between the US and Iran over the Strait of Hormuz, which kept energy prices elevated. Higher US yields have also added pressure on non-yielding assets such as gold and silver. According to commodity experts, immediate resistance for gold is placed at Rs 1,50,000-1,50,700, followed by Rs 1,52,000-1,52,600.

The near-term bias for gold remained cautious, with a sustained move above Rs 1,50,000 needed to confirm a recovery. A decisive break below Rs 1,48,000 could trigger another decline in the yellow metal. For silver, the experts said the metal opened with a gap-down near Rs 2,26,000 and remained below the Rs 2,27,000-2,28,000 zone.