US Yields and Iran Tensions Send Gold and Silver Prices Plummeting

Gold and silver prices fell on Tuesday due to increased US yields and ongoing tensions between the US and Iran over the Strait of Hormuz.

The Multi Commodity Exchange (MCX) saw December gold futures trade at Rs 1,48,410 per 10 grams, down Rs 487 or 0.33% from Monday's close.

Silver futures fell as much as 1.29% to an intraday low of Rs 2,24,500 per kg on the MCX, while gold prices dipped by up to 0.50% to an intraday low of Rs 1,48,150.

The sell-off in precious metals was attributed to rising tensions between the US and Iran, which kept energy prices elevated and pressured non-yielding assets like gold and silver.