Gold and Silver Rates Today: Comex Gold Down $117/oz; silver fell $2.4 as Iran-US tensions sent oil prices higher | Today’s news
Precious metals traded sharply lower in Monday’s session amid uncertainty over a possible end to the three-month-old conflict in the Middle East. The latest escalation in the region has fueled fears that inflation could remain elevated, potentially keeping interest rates higher for longer.
Comex gold fell another $117 a troy ounce to hit a low of $4,476 for the day, erasing all of its recent gains and sending the metal on course for a second straight day of losses. Gold has closed the past four months in the red, losing more than 13% of its value since the start of the conflict.
Silver prices also remained under pressure, falling nearly $2.4 an ounce to a daily low of $73.50. The white metal, which is usually more volatile than gold, erased all of its May gains in today’s trading. Over the past three months, silver prices have fallen by almost 19%.
Tensions in the Middle East, which have been relatively contained in recent weeks, have resurfaced after Iran and the US exchanged attacks last week, raising fears that the conflict could escalate again to levels seen at the start of the war.
Following the latest escalation, Iran reportedly said it would suspend communications with the US in response to Israel’s stepped-up military operations in Lebanon.
According to the semi-official Tasnim news agency, Iran’s negotiating team will halt talks and exchange documents through intermediaries, accusing Washington of sending mixed signals and prolonging negotiations. Iran and the US also accuse each other of violating a fragile ceasefire in their three-month conflict.
The main sticking point in the negotiations remains Tehran’s insistence on maintaining control over the Strait of Hormuz and preserving its nuclear program.
Both nations signaled a willingness to end the conflict earlier this week, but the latest escalation tested those hopes and sent oil prices soaring, with both Brent and WTI crude up more than 7% in trade.
Precious metals witnessed sharp volatility throughout May as hopes of de-escalation along with conflicting statements from the US and Iran kept prices largely directionless.
On May 20, US President Donald Trump said he had authorized a new wave of strikes against Iran this week, but held off temporarily after the leaders of Qatar, Saudi Arabia and the United Arab Emirates asked for more time for diplomatic efforts.
Read also | Iran suspends peace talks with US over Israel’s military action in LebanonRead also | US-Iran News LIVE: Iran halts talks with US on Hezbollah attacks
MCX Gold Hits Two-Week Low; silver extends steep decline
Tracking weakness in the international market, gold futures on the MCX fell in the near-month ₹2,448 for 10 grams ₹1,53,297, the lowest since May 11. Over the past nine trading sessions, including today, the metal has fallen ₹8,761 from recent highs based on today’s low.
Silver futures contracts also came under strong pressure ₹4,900 per kilogram to today’s low ₹2,62,100. After exceeding ₹3 lakh mark earlier, silver failed to sustain the rally and has now fallen ₹42,791 from its peak, based on today’s low.
Read also | Gold, Silver Prices Today: Check Retail Prices of 24K, 22K Gold, 999 SilverRead also | India’s Gold Import Act Hits Record ₹ 6.77 Crores: A Complete Breakdown
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