Business · India Bureau
Gold tumbles below ₹1.50 lakh amid US-Iran tensions; silver slides
Precious metals extended their downward trajectory on global markets as geopolitical tensions between the United States and Iran weighed on investor sentiment. Gold futures hit their lowest level in seven weeks, while silver also faced significant selling pressure.
LSN India ·
Gold prices slipped below the ₹1.50 lakh mark on domestic markets, tracking weakness in international bullion as risk-averse sentiment ebbed. On the Comex exchange, gold futures declined to approximately $4,230 per ounce, marking a seven-week low as traders reassessed their positions amid the prolonged US-Iran impasse.
The geopolitical standoff has failed to provide the safe-haven bid that typically supports precious metals during periods of elevated tensions. Instead, market participants appear focused on broader macroeconomic factors, including interest rate expectations and dollar strength, which have overshadowed traditional hedging demand.
Silver prices proved even more vulnerable, slipping below $62.50 per ounce as the industrial metal bore the brunt of cooling risk appetite. The whitish metal's dual nature as both a precious metal and an industrial commodity left it exposed to weakness in both categories, with manufacturing concerns adding to downward pressure.
Analysts attributed the broad-based decline in precious metals to a temporary recalibration of safe-haven demand, suggesting that the near-term outlook hinges on developments in US-Iran relations and incoming economic data. Investors are likely to remain cautious pending any significant escalation or de-escalation in regional tensions.