1 hr ago
Gold And Silver Prices Slip As US Yields, Tensions Weigh
Gold and silver prices went down during trading in Mumbai.
Gold fell a little, while silver fell more.
The prices discussed were for December futures contracts.
Higher US interest-rate-related bond yields made these metals less attractive to some investors because they do not pay interest.
Tensions between the United States and Iran also made markets uncertain.
The disagreement involves the Strait of Hormuz, an important waterway for energy shipments.
Spot gold had already fallen 4% in the previous session and reached a seven-week low.
Experts said prices could fall further if they break below important support levels.
They are watching US yields, Iran-related developments and oil prices for clues about what happens next.
December gold futures on the Multi Commodity Exchange fell 0.33% to ₹1,48,410 per 10 grams.
December silver futures declined 0.93% to ₹2,25,338 per kilogram after falling as much as 1.29%.
Higher US bond yields made non-yielding assets such as gold and silver less attractive to some investors.
Uncertainty over the US-Iran standoff and tensions around the Strait of Hormuz kept energy prices elevated.
Analysts said gold needs to move above ₹1,50,000 and silver above ₹2,28,000 to signal near-term improvement.
- Who
- Gold and silver traders, commodity experts, the United States and Iran were central to the market developments.
- What
- December gold and silver futures declined by up to about 1%, with silver experiencing the larger fall.
- Where
- Trading took place on the Multi Commodity Exchange in Mumbai, while the geopolitical tensions involved the Strait of Hormuz.
- When
- The reports describe Tuesday trading; one headline refers to Thursday, creating a timing discrepancy.
- Why
- Elevated US yields, uncertainty over the US-Iran standoff and higher energy prices weighed on precious metals.
Key facts
- Gold price
- December gold futures traded at ₹1,48,410 per 10 grams, down ₹487 or 0.33%.
- Silver price
- December silver futures traded at ₹2,25,338 per kilogram, down ₹2,104 or 0.93%.
- Gold session range
- Gold reached an intraday low of ₹1,48,150 and a high of ₹1,49,034.
- Silver session range
- Silver reached an intraday low of ₹2,24,500 and a high of ₹2,26,359.
- Gold resistance and support
- Immediate resistance was cited at ₹1,50,000–₹1,50,700 and support at ₹1,48,000–₹1,47,300.
- Silver resistance and support
- Immediate resistance was cited at ₹2,27,000–₹2,28,000 and support at ₹2,24,000–₹2,23,000.
- Previous spot-gold move
- Spot gold had fallen 4% in the previous session to a seven-week low.
Sources
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