Geopolitical storm clouds gathered over financial markets today, with US-Iran tensions sending gold and silver prices plummeting almost 2% at the open on India’s MCX. The knee-jerk reaction underscores how swiftly global uncertainties can erode demand for traditional safe-havens.
Gold’s June 2026 futures contract shed 1.06%, or ₹1,641, to ₹1,52,968 by 9:50 AM. The session’s range spanned from a low of ₹1,52,829 to ₹1,53,251, capturing the intraday turbulence. Enrich Money CEO Poonamudi R observed steady buying at dips, stabilizing prices above ₹1,52,000 after an initial gap down. She forecasts upside potential to ₹1,57,000-₹1,58,000 if it clears ₹1,55,000, but warns of downside risks to ₹1,50,000 or even ₹1,48,000 on a break below ₹1,52,500.
Silver faced steeper losses, declining 1.96% or ₹5,045 to ₹2,52,100 for the May 2026 lot. It fluctuated between ₹2,52,016 and ₹2,54,089. Key hurdles lie at ₹2,55,000-₹2,60,000, with bullish targets at ₹2,68,000-₹2,70,000 beyond. Support at ₹2,48,000 is critical; failure here could lead to ₹2,40,000.
Internationally, Comex gold weakened 1.34% to $4,814/oz, while silver slid 2.25% to $80/oz. This synchronized global dip highlights the interconnected nature of commodity trading. As rhetoric between Washington and Tehran intensifies, market participants are on edge, weighing flight-to-safety flows against profit-taking. The coming hours will be pivotal in determining if this is a temporary pullback or the start of a broader trend reversal.
