US-Iran Tensions Spark Gold, Silver Price Plunge
Gold and silver prices plummeted on Friday amid escalating US-Iran tensions, with gold futures declining by 0.8% to Rs 1,52,233 and silver dropping 1.27% to Rs 2,32,454.
The sharp decline in precious metal prices came after US Treasury Secretary Scott Bessent warned of 'never-before-seen' economic measures against Iran.
According to market experts, MCX Gold is expected to face resistance at Rs 153,000- Rs 153,500 before potentially moving towards Rs 154,000- Rs 154,500. Immediate support for gold is seen at Rs 152,000-Rs 151,500, followed by stronger support at Rs 151,000.
For MCX Silver, immediate support is expected at the Rs 232,000 zone, followed by stronger support at Rs 231,500- Rs 231,000. The price of silver breaks below its 20-day EMA, with MACD indicating slowing bullish momentum and RSI easing to support a trend reversal narrative.