Precious metals started the day in the red on MCX Tuesday, with gold and silver declining up to 0.5% as traders digest ongoing US-Iran frictions that refuse to fade.
Gold for June 2026 opened weakly at 1,51,700 rupees, slipping from Monday’s 1,51,721 rupees close. At 9:50 AM, it stood at 1,51,514 rupees after a 207-rupee or 0.14% fall. The contract oscillated between 1,51,500 rupees (low) and 1,51,802 rupees (high) in early deals.
Silver’s May 2026 futures contract launched at 2,40,490 rupees, below the 2,41,824 rupees previous close, and later hovered at 2,40,400 rupees—down 1,424 rupees or 0.59%. It ranged from 2,40,218 rupees to 2,41,250 rupees.
Internationally, Comex gold eased 0.27% to 4,680 dollars/ounce, and silver shed 0.73% to 74.48 dollars/ounce. Over the last year, gold has returned over 40% and silver over 126% in USD, highlighting their resilience.
At the heart of the market jitters is the persistent US-Iran deadlock. Iran proposed reopening the Strait of Hormuz and discussing nuclear issues after the US lifts its naval blockade. The US dismissed it, arguing for simultaneous solutions to avoid strategic disadvantages.
This geopolitical backdrop has investors balancing safe-haven buys against technical corrections. A marginally firmer dollar adds pressure, but any intensification in Middle East tensions could reverse the slide swiftly.
Domestic bulls point to robust long-term demand from jewelry, investment, and industrial sectors. With inflation concerns lingering globally, precious metals retain their allure. Traders advise caution, monitoring Federal Reserve signals and regional headlines closely.
The session’s narrow trading range suggests consolidation, but volatility remains a key watchpoint in this high-stakes environment.
