<p><strong><a href="https://www.mid-day.com/business/business-news/article/gold-and-silver-prices-decline-on-mcx-amid-cautious-market-sentiment-23631540" rel="nofollow">Gold and silver prices fell </a></strong>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.</p>
<p>Despite the geopolitical tension, precious metals came under selling pressure rather than gaining safe-haven demand.</p>
<h2>MCX gold trades below recent highs</h2>
<p>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.</p>
<p>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.</p>
<p>Overall, gold remained under pressure but held slightly above the Rs 1,58,000 mark during the session.</p>
<h2>Silver sees sharper selling pressure</h2>
<p>Silver futures (July 3 contract) saw heavier losses, falling nearly 2 per cent during the day.</p>
<p>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.</p>
<p>The white metal faced stronger selling compared to gold but stayed above key support levels during trading.</p>
<h2>Why did prices decline despite global tensions?</h2>
<p>The decline came even as tensions escalated in the Middle East after<strong><a href="https://www.mid-day.com/news/world-news/article/us-israel-attack-iran-us-weighs-possible-military-strikes-on-iran-23631887" rel="nofollow"> US strikes in southern Iran</a></strong>. The action, which Washington described as a &ldquo;self-defence&rdquo; operation, triggered volatility across global commodity markets.</p>
<p>The market reaction suggested mixed sentiment, with traders balancing geopolitical risk against other macroeconomic factors.</p>
<p>As per IANS reports, experts noted that MCX gold opened with a &ldquo;mild gap down&rdquo; and remained range-bound. One market expert said, &ldquo;Immediate resistance is placed in the Rs 1,59,000-Rs 1,59,500 range.&rdquo;</p>
<p>They added that a sustained move above this level could push gold towards Rs 1,60,000&ndash;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.</p>
<h2>Silver technical levels</h2>
<p>As per IANS reports, analysts said silver was holding above Rs 2,73,000 with resistance near Rs 2,75,000. They noted, &ldquo;A sustained breakout above the level could support recovery towards Rs 2,77,000&ndash;Rs 2,78,000.&rdquo;</p>
<p>Support for silver is seen around Rs 2,72,000.</p>
<h2>Crude oil moves higher</h2>
<p>Meanwhile, global crude oil prices moved in the opposite direction and rose sharply:</p>
<ul>
<li>Brent crude: up 1 per cent at USD 98 per barrel</li>
<li>West Texas Intermediate (WTI): up more than 3 per cent to nearly USD 94 per barrel</li>
</ul>
<p>The rise reflected concerns over<strong><a href="https://www.mid-day.com/news/india-news/article/fuel-supply-remains-adequate-across-country-shortages-localised-and-temporary-indianoil-23631850" rel="nofollow"> potential supply disruptions</a></strong> due to escalating tensions in the Middle East.</p>
<h2>Market outlook</h2>
<p>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.</p>
<p><strong>(With IANS Inputs)</strong></p>

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Gold stayed above Rs 1.58 lakh but remained under pressure, while silver saw sharper losses at about 2 per cent. Crude oil, however, surged as fears of supply disruption increased

Gold and silver trade lower after US strikes in Iran trigger market volatility

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