2 weeks ago
Gold, silver decline as US-Iran tensions weigh on sentiment
Gold and silver are shiny metals that people use for jewelry and saving money.
On Friday, their prices went down in India.
The reason was that people felt worried about tensions between the United States and Iran.
The US said it could bring in very strong new economic measures against Iran.
There were also reports about a possible blockade of a busy shipping route called the Strait of Hormuz.
Because of this worry, buyers were less interested in gold and silver.
The price of gold for delivery in October dropped by about one percent.
The price of silver also fell by about one percent.
Market watchers say prices might move a bit lower before they settle.
They are watching certain price levels to guess what happens next.
Gold futures on the MCX fell up to 0.8 per cent or Rs 1,233 to an intraday low of Rs 1,52,233.
Silver futures declined about 1 per cent, trading at Rs 2,32,880 after an intraday low of Rs 2,32,454.
The decline followed US Treasury Secretary Scott Bessent's warning of 'never-before-seen' economic measures against Iran.
Reports suggest the US would combine economic isolation of Iran with a continued blockade of the Strait of Hormuz.
Experts put immediate support for gold at Rs 152,000–151,500 and for silver at the Rs 232,000 zone.
- Who
- US Treasury Secretary Scott Bessent and traders on India's Multi Commodity Exchange (MCX)
- What
- Gold and silver futures prices declined sharply on heightened US-Iran geopolitical uncertainty
- Where
- India, on the Multi Commodity Exchange (MCX)
- When
- Friday
- Why
- Reports that the US would use economic isolation and a continued blockade of the Strait of Hormuz against Iran weighed on sentiment
Key facts
- Gold futures (October)
- Rs 1,52,415, down Rs 1,051 (0.68%); intraday low Rs 1,52,233
- Silver futures (September)
- Rs 2,32,880, down Rs 2,567 (~1%); intraday low Rs 2,32,454
- Exchange
- Multi Commodity Exchange (MCX)
- Trigger
- Scott Bessent's warning of never-before-seen economic measures against Iran
- Geopolitical factor
- Possible US economic isolation of Iran and continued blockade of the Strait of Hormuz
- Gold support
- Rs 152,000–151,500, with stronger support at Rs 151,000
- Silver support
- Rs 232,000 zone, then Rs 231,500–231,000
Sources
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