Gold, Silver Prices Plummet Amid US-Iran Tensions
The prices of gold and silver declined on Tuesday due to elevated US yields and global tensions. 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 percent.
Meanwhile, silver futures for December fell as much as 1.29 percent or Rs 2,942 to hit an intraday low of Rs 2,24,500 per kg. The white metal was trading at Rs 2,25,338, down Rs 2,104 or 0.93 percent.
The uncertainty surrounding the US-Iran standoff and its impact on energy prices kept precious metals under pressure. Commodity experts noted that immediate resistance for gold is placed at Rs 1,50,000-1,50,700, followed by Rs 1,52,000-1,52,600.
For silver, the metal opened with a gap-down near Rs 2,26,000 and remained below the Rs 2,27,000-2,28,000 zone, which has turned into resistance. A decisive break below Rs 2,24,000 could expose the metal to the Rs 2,20,000 region.