Mumbai: Gold and silver prices traded lower on Thursday, with precious metals falling by up to 2 per cent amid escalating tensions in the West Asia conflict.
On the Multi Commodity Exchange (MCX), gold futures (August) declined as much as 1 per cent or Rs 1,573 to hit an intraday low of Rs 1,46,444 as of around 12 pm.
The yellow metal was trading at Rs 1,47,860, down 0.11 per cent or Rs 157. It touched an intraday high of Rs 1,48,089, up 0.04 per cent or Rs 72 from the previous close.
On the other hand, silver futures (July) were trading at Rs 2,34,500, down Rs 1,005 or 0.43 per cent.
The white metal touched an intraday low of Rs 2,30,493, declining 2.12 per cent during the session so far. It recorded an intraday high of Rs 2,35,402, down 0.04 per cent or Rs 103 from the previous close.
Earlier in the day, gold and silver opened at Rs 1,46,518 and Rs 2,31,671, respectively, on the MCX.
In international markets, precious metals also remained under pressure. COMEX silver was trading at $63.90, down over 1.29 per cent, while COMEX gold was trading 0.68 per cent lower at $4,105.30 per ounce.
According to commodity analysts, precious metals remained under pressure as investors assessed the latest developments in the West Asia conflict. Gold stabilised near multi-month lows after the US military confirmed the completion of its latest strikes on Iran, raising expectations that diplomatic negotiations could resume.
They said easing safe-haven demand, coupled with expectations that US interest rates could remain higher for longer, weighed on bullion prices. Higher interest rates reduce the appeal of non-yielding assets such as gold and silver.
Market participants also continued to monitor inflationary pressures stemming from rising energy prices and their potential impact on the US Federal Reserve’s policy path.
Meanwhile, crude oil prices surged sharply, with Brent crude rising over 2 per cent to trade near $95 per barrel, while US West Texas Intermediate (WTI) crude climbed 4 per cent to $93.64 per barrel.
(IANS)
