<a href="https://www.mid-day.com/mumbai/mumbai-crime-news/article/mumbai-crime-gold-scam-gang-stages-fake-deal-vanishes-with-rs-30-lakh-23629808" rel="nofollow">Gold</a> and silver traded in opposite directions on Monday as global uncertainty and geopolitical tensions kept commodity markets volatile.
On the Multi Commodity Exchange (MCX), gold futures (June 5) opened slightly lower at Rs 1,52,487 per 10 grams, down Rs 43 from the previous close while silver remained strong during the session, reported PTI.
Selling pressure increased during the day, pushing prices further down. Gold fell as much as 0.41 per cent to Rs 1,51,892, after touching an intra-day high of Rs 1,54,434.
Unlike gold, silver futures (July 3) rose over 1 per cent, reaching an intra-day high of Rs 2,64,922 per kg. Later, it traded at around Rs 2,62,552, still up Rs 630 or 0.24 per cent.
The metal also saw an intra-day low of Rs 2,61,800 but managed to stay in positive territory overall.
<h2>Major forces driving the market mood</h2>
-Global tensions
Experts said global uncertainty, especially around the <a href="https://www.mid-day.com/mumbai/mumbai-news/article/lpg-crisis-infrastructure-becomes-key-as-mumbai-restaurants-navigate-fuel-crisis-23626407" rel="nofollow">West Asia conflict</a>, continues to influence precious metal prices.
Gold came under pressure due to a stronger dollar and higher crude oil prices after US President Donald Trump rejected Iran&rsquo;s latest peace proposal.
According to market commentary, &ldquo;Gold prices fell in early morning trade after posting weekly gains, pressured by a firm dollar and elevated oil prices,&rdquo; reported the news agency.
Iran is reported to have sent a proposal involving ending conflict and reopening the Strait of Hormuz, but key differences with the US remain unresolved.
Trump also said on social media that Iran&rsquo;s response was &ldquo;unacceptable,&rdquo; keeping geopolitical tensions high.
-Domestic policy and import concerns
Commodity experts said India&rsquo;s domestic policy signals are also influencing sentiment. The government&rsquo;s appeal to reduce non-essential gold purchases comes amid rising crude oil prices, which are expected to increase India&rsquo;s import bill and pressure foreign exchange reserves.
Prime Minister Narendra Modi had urged citizens to avoid unnecessary gold buying for a year while addressing a public meeting.
-Rupee weakening
Adding to market pressure, the Indian rupee fell sharply by 139 paise to 94.90 against the US dollar in early trade. Currency weakness, along with rising crude oil prices, has further increased concerns over inflation and trade deficit.
<h2>Global gold and silver trends</h2>
In international markets, precious metals showed mixed trends on Monday. <a href="https://www.mid-day.com/business/business-news/article/us-israel-attack-iran-gold-crosses-rs-1-52-lakh-on-mcx-silver-surges-as-geopolitical-tensions-intensify-23629497" rel="nofollow">COMEX</a> gold prices fell more than 1 per cent to around USD 4,678 per ounce amid pressure from a stronger dollar and rising geopolitical tensions. Meanwhile, silver remained relatively stable and traded slightly higher at nearly USD 80 per ounce.
(With IANS Inputs)

Gold prices fell while silver rose in Monday’s trade as global uncertainty, rising crude oil prices, and geopolitical tensions kept investors cautious

Gold under pressure while silver shines in early trade

Trending Stories

Latest Photos

Latest Videos

Latest Web Stories

Mid-Day Fast

Home / Business / Business News / Article / Gold under pressure while silver shines in early trade

Gold under pressure while silver shines in early trade

Trending Stories

Latest Photos

Latest Videos

Latest Web Stories

Mid-Day Fast