Gold and Silver Prices Fall Amid Geopolitical Tensions
Gold and silver prices declined on Friday due to geopolitical tensions in the Middle East. The precious metals started the session weakly, with gold futures for June 5 opening 0.39% or Rs 594 lower at Rs 1,51,167 per 10 grams compared to the previous close of Rs 1,51,761.
Gold touched an intra-day low of Rs 1,50,750, down 0.66% or Rs 1,011. It later recovered and was trading at Rs 1,51,449, a decrease of Rs 312 or 0.21%. The yellow metal recorded an intra-day high of Rs 1,51,457.
Silver futures for May 5 declined as much as 0.95% or Rs 2,313 to Rs 2,39,200, an intraday low. It was trading at Rs 2,41,345, down Rs 168 or 0.07%. The white metal recorded an intra-day high of Rs 2,41,382, down 0.05% or Rs 131.
The international market also witnessed selling pressure, with COMEX gold down nearly 1% at $4,684 per ounce and COMEX silver slipping around 1% to $74.81 per ounce. Commodity analysts attributed the decline in precious metals prices to a stronger US dollar, rising bond yields, and uncertainty over geopolitical tensions.