Gold, Silver Prices Plummet Amid Geopolitical Uncertainty
Gold and silver prices dropped on August 14 due to heightened geopolitical uncertainty. The selling pressure was triggered by US Treasury Secretary Scott Bessent's warning about economic measures against Iran.
The Multi Commodity Exchange (MCX) saw October gold futures fall by 0.8%, or Rs 1,233, reaching an intraday low of Rs 1,52,233. The metal was last trading down 0.68% at Rs 1,52,415. It had touched an intraday high of Rs 1,53,200, which was 0.17% below the previous close.
Silver also remained under pressure. September silver futures touched an intraday low of Rs 2,32,454, marking a decline of 1.27%. The white metal was trading at Rs 2,32,880, down around 1% from the previous close. It had reached an intraday high of Rs 2,33,982, still 0.62% lower than the previous close.
According to analysts, the Rs 2,32,000 level is immediate support for MCX silver, followed by stronger support in the Rs 2,31,500-Rs 2,31,000 range. Silver prices have slipped below the 20-day EMA, while the MACD points to weakening bullish momentum.