Gold Prices Slump Amid Elevated Yields and Iran-US Tensions

Gold and silver prices declined on Tuesday due to elevated US yields and uncertainty over the US-Iran standoff. On the Multi Commodity Exchange (MCX), gold futures for December were trading at Rs 1,48,410 per 10 grams, down Rs 487 or 0.33 per cent.

The yellow metal reached an intraday low of Rs 1,48,150 by 10:34 am and touched a high of Rs 1,49,034, up 0.09 per cent or Rs 137. Silver futures for December fell as much as 1.29 per cent or Rs 2,942 to hit an intraday low of Rs 2,24,500 per kg.

The uncertainty surrounding the Strait of Hormuz and higher US yields have added pressure on non-yielding assets such as gold and silver. Spot gold was trading lower after falling 4 per cent in the previous session to a seven-week low.