08 July,2026 06:12 PM IST | Mumbai | mid-day online correspondent
Representational image. File pic
Gold and silver prices traded lower on Wednesday amid rising geopolitical tensions in the Middle East after the US military launched fresh strikes on Iran.
As reported by IANS, gold futures on the Multi Commodity Exchange (MCX) for the August 5 contract opened at Rs 145,200 per 10 grams, down Rs 192 from the previous close of Rs 145,392.
During the early hours of Wednesday, the yellow metal was trading at Rs 145,000 per 10 grams, down Rs 392 or 0.27 percent.
During the session so far, MCX gold touched an intraday low of Rs 144,750, down Rs 642 or 0.44 percent, and a high of Rs 145,356.
Silver futures (September 4) also witnessed selling pressure in early trade, falling as much as 0.83 percent or Rs 1,932 to hit an intraday low of Rs 228,925 per kg.
The white metal opened at Rs 230,015, down Rs 842 from the previous close of Rs 230,857. At the last count, it was trading at Rs 229,401, lower by Rs 1,456 or 0.63 percent, as per IANS.
Selling pressure was also visible in international markets. COMEX gold was trading 0.43 per cent lower at USD 4,139 per ounce, while COMEX silver declined 0.54 per cent to around USD 61 per ounce.
According to the commodity market experts, gold has extended its losses for a fourth consecutive session and is trading below its key 20-, 50-, and 100-period exponential moving averages (EMAs) on the four-hour chart, signaling continued weakness.
The experts further said that rising open interest alongside falling prices suggests a fresh short build-up in the current contract, as per IANS.
Highlighting that silver is also trading below its key 50-, 100-, and 200-period EMAs, the price of the white metal is expected to go down further if it slips below the crucial support level of around Rs 2.23 lakh per kg.
The decline in precious metals followed fresh US military strikes on Iran and Washington's decision to revoke licenses related to Iranian oil exports, escalating tensions in the region.
According to the US military, the latest strikes were carried out after three oil tankers transiting the Strait of Hormuz were attacked, further heightening geopolitical concerns.
Meanwhile, crude oil prices extended gains. International benchmark Brent crude rose more than 3 per cent to trade above USD 76 a barrel, while US West Texas Intermediate (WTI) crude climbed over 3 per cent to above USD 72 a barrel.
(With inputs from IANS)
