26 May,2026 11:59 AM IST | Mumbai | mid-day online correspondent
MCX gold and silver under pressure as traders react to global geopolitical risk. Representational Image
Gold and silver prices fell on Tuesday, dropping up to nearly 2 per cent, after the US military carried out fresh strikes in southern Iran targeting missile sites and boats allegedly trying to lay mines, reported IANS.
Despite the geopolitical tension, precious metals came under selling pressure rather than gaining safe-haven demand.
On the Multi Commodity Exchange (MCX), gold futures (June 5 contract) were trading lower by 0.61 per cent or Rs 971 at Rs 1,58,110 around 10:25 am.
The intraday low was Rs 1,58,000, which was down over Rs 1,000 from the previous close of Rs 1,59,081. The intraday high and opening level were both Rs 1,58,789, as per the news agency.
Overall, gold remained under pressure but held slightly above the Rs 1,58,000 mark during the session.
Silver futures (July 3 contract) saw heavier losses, falling nearly 2 per cent during the day.
The intraday low was Rs 2,71,972, while the intraday high and opening level were both Rs 2,74,727 and the last traded price stood at Rs 2,72,008, which was down 1.7 per cent or Rs 4,708.
The white metal faced stronger selling compared to gold but stayed above key support levels during trading.
The decline came even as tensions escalated in the Middle East after US strikes in southern Iran. The action, which Washington described as a "self-defence" operation, triggered volatility across global commodity markets.
The market reaction suggested mixed sentiment, with traders balancing geopolitical risk against other macroeconomic factors.
As per IANS reports, experts noted that MCX gold opened with a "mild gap down" and remained range-bound. One market expert said, "Immediate resistance is placed in the Rs 1,59,000-Rs 1,59,500 range."
They added that a sustained move above this level could push gold towards Rs 1,60,000-Rs 1,60,500, while a fall below Rs 1,58,000-Rs 1,57,500 may extend weakness towards Rs 1,56,000-Rs 1,55,000, reported the news agency.
As per IANS reports, analysts said silver was holding above Rs 2,73,000 with resistance near Rs 2,75,000. They noted, "A sustained breakout above the level could support recovery towards Rs 2,77,000-Rs 2,78,000."
Support for silver is seen around Rs 2,72,000.
Meanwhile, global crude oil prices moved in the opposite direction and rose sharply:
The rise reflected concerns over potential supply disruptions due to escalating tensions in the Middle East.
As per the news agency, experts said safe-haven demand and geopolitical developments continue to influence precious metals, but price action remains cautious and range-bound for now.
(With IANS Inputs)
