Gold, Silver Prices Tumble Amid Middle East Tensions

Precious metals fell in Indian markets on Friday due to global events. On the Multi Commodity Exchange (MCX), gold futures for August delivery opened at Rs 1,42,392 per 10 grams, down 0.30 percent from the previous close of Rs 1,42,821 per 10 grams.

The decline deepened as the session progressed, with gold falling as much as Rs 1,079, or 0.75 percent, to an intraday low of Rs 1,41,742 per 10 grams. It later recovered somewhat, hitting an intraday high of Rs 1,42,518, before settling at Rs 1,42,376, down Rs 445, or 0.31 percent.

Silver followed a similar pattern, with futures for September delivery opening lower at Rs 2,18,280 per kg, down Rs 1,095, or 0.49 percent, from the previous close of Rs 2,19,375 per kg. The metal fell further during the session, dropping as much as Rs 2,050, or nearly 1 percent, to an intraday low of Rs 2,17,325 per kg.

Commodity market experts pointed to the strengthening US dollar index, which climbed above the 101 mark, as a key driver behind the decline. Escalating geopolitical tensions between the US and Iran added to the pressure.