Middle East Tensions Send Gold and Silver Prices Plummeting
Gold and silver prices plummeted in India on Wednesday morning as international commodity markets experienced a broader sell-off. The decline comes amid escalating military tensions in the Middle East, which have driven up crude oil prices.
The surge in energy costs has sparked fears of lingering inflation, prompting investors to reassess their expectations around US Federal Reserve policy. This shift in sentiment has led to sustained selling pressure on non-yielding metals like gold and silver.
In domestic trading, 24-karat gold dipped towards ₹150,000 per 10 grams, while silver registered notable losses to trade near ₹231,000 per kilogram.
The impact of international cues was immediately reflected in the domestic futures market during early trade. MCX Gold Futures traded 1.07% lower at ₹150,530 per 10 grams, and MCX Silver Futures slipped by 1.26% to ₹231,830 per kilogram.