- Gold and silver prices fell on Wednesday.
- Geopolitical tensions and crude spike cited as reasons.
- Precious metals recovered some early losses on MCX.
Gold and Silver continued to lose momentum on Wednesday, with prices trading sharply lower in the domestic futures market due to renewed geopolitical tension in the Middle East and a sharp spike in crude prices. In the afternoon trade, the Gold contract, August 5 expiry, plunged over Rs 2,500 to a low of Rs 1,42,837 per 10 grams as compared to the last day's closing of Rs 1,45,392 on Multi Commodity Exchange (MCX). Similarly, the Silver contract, September 4 expiry, nosedived over Rs 7,830 to a low of Rs 2,23,026 per kilogram from the last closing of Rs 2,30,857 on MCX.
The sharp decline in bullion prices triggered after US President Donald Trump said the interim agreement with Iran is now over, although negotiations will continue. When asked about the status of the ceasefire, he said, "I think it's over. Dealing with Iran is just a waste of time."
Last seen, MCX Gold was trading at Rs 1,43,318, down Rs 2,074 or 1.4 per cent. At the same time, MCX Silver was quoted 2,24,203, down Rs 6,654 or 2.88 per cent.
"MCX Gold opened on a weak note and is trading below the Rs 1,45,000 mark, reflecting a cautiously weak undertone. Immediate support is placed at Rs 1,44,500–Rs 1,44,000, and a break below this zone could drag prices toward Rs 1,43,000. On the upside, prices need to reclaim Rs 1,45,500, above which the Rs 1,46,200–Rs 1,46,600 zone acts as immediate resistance. A sustained move above this range could extend the recovery toward Rs 1,47,600–Rs 1,48,000," said Ponmudi R, CEO of Enrich Money.
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"Overall, the near-term outlook remains cautiously weak, with prices needing to reclaim the immediate resistance zone to stabilise momentum," he added.
22k, 24k Gold Rate In India
Gold rates for all purity levels fell a bit in the domestic retail market as well. According to bullion.co.in, the 24 karat gold rate today is Rs 1,45,680 per 10 grams, while the 22 karat gold rate today is Rs 1,33,540. The rate for 20 karat gold today is Rs 1,21,400 per 10 gram, and 18 karat is Rs 1,09,260 per 10 gram.
At the same time, the silver rate in the domestic retail market is Rs 2,31,030 per kilogram.
Gold Rate In Chennai, Delhi And Other Key Cities
New Delhi- 24K: Rs 1,45,080, 22k: Rs 1,32,990
Mumbai- 24K: Rs 1,45,330, 22k: Rs 1,33,219
Kolkata- 24K: Rs 1,45,140, 22k: Rs 1,33,045
Hyderabad- 24K: Rs 1,45,556, 22k: Rs 1,45,560
Bangalore- 24K: Rs 1,45,470, 22k: Rs 1,45,470
Chennai- 24K: Rs 1,45,780, 22k: Rs 1,33,632