Gold and Silver Prices Plummet Amid US-Iran Tensions
New Delhi: The price of gold and silver fell sharply on Friday due to increased geopolitical uncertainty following US Treasury Secretary Scott Bessent's warning about potential economic measures against Iran.
On the Multi Commodity Exchange (MCX), gold futures (October) dropped as much as 0.8% or Rs 1,233 to Rs 1,52,233, reaching an intraday low by 10:22 am. At the last count, the yellow metal was trading at 1,52,415, down Rs 1,051 or 0.68%.
Silver futures (September) recorded an intraday low of Rs 2,32,454, decreasing 1.27% or Rs 2,993. The white metal was trading at Rs 2,32,880, down Rs 2,567 or about 1%. Market experts noted that immediate resistance is placed at Rs 153,000, Rs 153,500 near open and a decisive move above could push toward Rs 154,000, Rs 154,500.