Gold and Silver Prices Drop Amid Geopolitical Tensions
Silver tanks nearly Rs 4,000, gold slips Rs 1,600 as Strait of Hormuz tensions reignite inflation fears. Time to sell?
The Economic TimesImage: The Economic Times
Gold and silver prices fell sharply on the Multi Commodity Exchange of India, with silver dropping ₹3,945 (1.5%) to ₹2,53,198 per kg and gold down ₹1,590 (1%) to ₹1,53,018 per 10 grams. The declines are attributed to a stronger U.S. dollar and renewed inflation fears following tensions in the Strait of Hormuz.
- 01Silver futures fell ₹3,945 to ₹2,53,198 per kg.
- 02Gold futures dropped ₹1,590 to ₹1,53,018 per 10 grams.
- 03Geopolitical tensions and a stronger U.S. dollar are influencing prices.
- 04Support levels for gold are between ₹1,53,350 and ₹1,52,000.
- 05Analysts recommend a buy-on-dips strategy for both metals.
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On Monday, gold and silver prices opened lower on the Multi Commodity Exchange of India, driven by a stronger U.S. dollar and renewed inflation concerns linked to geopolitical tensions in the Strait of Hormuz. Silver futures for May 2026 delivery decreased by ₹3,945 (1.5%) to ₹2,53,198 per kg, while gold futures for June 2026 delivery fell ₹1,590 (1%) to ₹1,53,018 per 10 grams. Internationally, spot gold dropped 0.4% to $4,809.71 per ounce, marking its lowest level since April 13. Analysts suggest that despite the volatility, key support levels for gold are expected to hold, with immediate support seen between ₹1,53,350 and ₹1,52,000. Manoj Kumar Jain of Prithvi Finmart recommends a buy-on-dips strategy for both metals, advising traders to maintain positions as long as prices stay above critical support levels. In major Indian cities, gold prices for standard (22 carat) gold are reported at around ₹1,14,352 in Delhi and ₹1,14,232 in Mumbai.
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The decline in gold and silver prices could affect investment decisions for traders and consumers, potentially leading to lower demand for jewelry and precious metal investments.
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