Middle East Tensions Spark Gold, Silver Price Declines

Gold and silver prices saw significant declines on Friday, with both metals losing up to nearly 1% due to escalating geopolitical tensions in the Middle East. The strengthening US dollar index also played a role in the decline.

The Multi Commodity Exchange (MCX) reported that gold futures for August delivery opened at Rs 1,42,392 per 10 grams, down 0.30% from the previous close of Rs 1,42,821 per 10 grams. The yellow metal fell as much as Rs 1,079 or 0.75% to an intraday low of Rs 1,41,742 per 10 grams.

Silver futures for September delivery also opened lower at Rs 2,18,280 per kg, down Rs 1,095 or 0.49% from the previous close of Rs 2,19,375 per kg. The white metal declined by as much as Rs 2,050 or nearly 1% to hit an intraday low of Rs 2,17,325 per kg.

The US-Iran conflict has intensified in recent days, with Iran reportedly targeting US military installations in the Middle East. Analysts attributed the weakness in gold and silver prices to the strengthening US dollar index and escalating geopolitical tensions between the US and Iran.