Gold, Silver Prices Plummet Amid Middle East Tensions

Gold and silver prices declined by up to nearly 1 per cent on Friday due to escalating geopolitical tensions in the Middle East. The strengthening US dollar also weighed on investor sentiment.

The Multi Commodity Exchange (MCX) saw gold futures for August delivery open at Rs 1,42,392 per 10 grams, down 0.30 per cent from the previous close of Rs 1,42,821 per 10 grams.

At around 12 pm, gold fell as much as Rs 1,079 or 0.75 per cent to an intraday low of Rs 1,41,742 per 10 grams, but managed to touch an intraday high of Rs 1,42,518 before trading at Rs 1,42,376, down Rs 445 or 0.31 per cent.

Silver futures for September delivery also opened lower at Rs 2,18,280 per kg, down Rs 1,095 or 0.49 per cent from the previous close of Rs 2,19,375 per kg.