In a surprising market twist, gold and silver prices fell at the opening bell on MCX Monday, even as US-Iran frictions simmer in the Strait of Hormuz. Investors shrugged off safe-haven buying, focusing instead on potential resolution efforts.
Gold for June 2026 delivery opened ₹382 weaker at ₹1,51,150 versus Friday’s ₹1,51,532 close, a 0.25% loss. At 10 AM, it was quoted at ₹1,51,100, down another ₹252 or 0.17%. The metal touched ₹1,50,860 intraday low and ₹1,51,347 high.
Silver’s July 2026 futures debuted at ₹2,50,699, off ₹238 or 0.094% from ₹2,50,937. By mid-morning, it traded at ₹2,50,363, reflecting a ₹574 or 0.23% decline. Trading range: low ₹2,49,760, high ₹2,51,231.
Overseas, Comex gold lost 0.55% to $4,619/oz, silver 0.48% to $76.065/oz, signaling broad-based selling.
At the heart of the matter: Trump’s ‘Project Freedom’ initiative. The US leader posted online about aiding trapped ships and crew, calling them innocents caught in turmoil. America is rallying international help and has cautioned Iran against interference, promising a strong response.
Tehran’s unyielding posture keeps risks alive, but the project announcement spurred optimism. Stock markets worldwide, including India’s, climbed, diverting flows from precious metals.
Analysts note this dip may be short-lived. Heightened alerts in the oil-rich region could swiftly reignite bullion rallies. Market participants remain vigilant for diplomatic breakthroughs or escalations that could swing sentiment.
