Middle East Tensions Weigh on Gold Prices as Bullion Falls Amid Profit Booking
Gold and silver prices took a hit in the domestic futures market on Tuesday, falling due to profit booking amid escalating Middle East tensions. The precious metal prices had been experiencing a surge in demand in the spot market.
The MCX Gold futures for October 5 expiry saw a decline of over Rs 1,000 to an early low at Rs 1,54,925 per 10 grams compared to the last closing of Rs 1,55,940. Similarly, Silver futures for September 4 expiry declined by over Rs 2,800 to an early low at Rs 2,35,201 per kilogram on MCX.
On the international front, bullion prices also fell due to low demand in the COMEX market. Last seen, COMEX Gold was trading at $4,450.70 per ounce, down $23 or 0.51%. COMEX Silver was quoted at $65.29 per ounce, down $0.93 or 1.41%.