US-Iran Tensions Send Gold, Silver Prices Plummeting
New Delhi - Gold and silver prices plummeted on Friday amidst escalating tensions between the US and Iran. The heightened geopolitical uncertainty prompted US Treasury Secretary Scott Bessent to warn of unprecedented economic measures against Iran.
On the Multi Commodity Exchange (MCX), gold futures for October declined as much as 0.8% or Rs 1,233 to Rs 1,52,233, hitting an intraday low by 10:22 am. The yellow metal was trading at Rs 1,52,415, down Rs 1,051 or 0.68% from the previous close.
Silver futures for September recorded an intraday low of Rs 2,32,454, decreasing 1.27% or Rs 2,993. The white metal was trading at Rs 2,32,880, down Rs 2,567 or about 1% from the previous close.
Market experts noted that MCX Gold extends downside momentum, trading near Rs 152,500 after facing rejection from highs near Rs 155,500. Immediate resistance is placed at Rs 153,000, Rs 153,500, followed by stronger support at Rs 151,000.