Middle East De-Escalation Hopes Keep Gold and Silver Prices in Check

Gold and silver prices remained relatively stable on Monday amid hopes of de-escalation in the Middle East. The Iran-US conflict has been a major driver of precious metals prices, but a fresh proposal by Iran to end the conflict with the US could signal a shift towards calm.

The Multi Commodity Exchange (MCX) saw gold futures trading at Rs 1,52,410 per 10 grams, down 0.19% or Rs 290 from the previous close of Rs 1,52,699. Silver futures were trading at Rs 2,43,200, down Rs 1,436 or 0.6%.

Commodity market expert noted that precious metals are trading with a cautious bias due to ongoing geopolitical uncertainty. The expert added that gold is hovering near Rs 1,52,500 on MCX, with resistance seen around Rs 1,54,000 and support at Rs 1,50,000.

The analyst also mentioned that silver is showing a cautious undertone, noting that volatility remains elevated due to geopolitical tensions. The overall outlook for both metals remains range-bound in the near term.