Gold and Silver Prices Decline Amid Trump-Xi Talks and Iran Conflict
Silver slides Rs 3,300/kg, gold drops Rs 1,600/10g as Trump-Xi talks in spotlight amid Iran war; key levels to watch
The Economic TimesImage: The Economic Times
Gold prices fell by ₹1,600 per 10 grams, while silver dropped ₹3,300 per kg on the Multi Commodity Exchange (MCX) as investors monitored discussions between U.S. President Donald Trump and Chinese President Xi Jinping amid rising geopolitical tensions. This decline follows a previous surge in prices due to changes in import duties.
- 01Gold futures fell by ₹1,600 to ₹1,61,027 per 10 grams.
- 02Silver futures decreased by ₹3,300 to ₹2,96,879 per kg.
- 03The price drop follows a spike in prices due to increased customs duties on imports.
- 04International gold prices remain steady at around $4,688.43 per ounce.
- 05Analysts predict continued volatility in precious metal prices this week.
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On Thursday, gold prices on the Multi Commodity Exchange (MCX) dropped by ₹1,600 to ₹1,61,027 per 10 grams, while silver prices fell by ₹3,300 to ₹2,96,879 per kg. This decline comes as investors focus on upcoming talks between U.S. President Donald Trump and Chinese President Xi Jinping in Beijing, which are expected to address economic issues and geopolitical tensions, particularly regarding the Iran conflict. Previously, both gold and silver had seen significant gains, with gold rising nearly ₹9,000 in the last session. The recent price adjustments are partly due to a hike in customs duties on imported precious metals, making them more expensive and widening the premium of domestic prices compared to international rates. In the international market, spot gold remained stable at $4,688.43 per ounce. Analysts suggest that gold has support levels around $4,681-4,634 and resistance levels at $4,740-4,770. For silver, support is noted at $86.60-84.00 and resistance at $92.00-95.00 per troy ounce. Investors are advised to remain cautious and avoid new buying positions until the outcomes of the summit are clearer.
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The decline in gold and silver prices may affect consumers looking to purchase these metals for investment or jewelry, as prices are expected to remain volatile.
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