Gold, silver prices fall up to 2 pc amid West Asia tensions

Gold and silver slipped on Thursday, with precious metals dropping as much as 2 percent amid rising tensions in the West Asia conflict.

On the Multi Commodity Exchange (MCX), August gold futures fell as much as 1 percent or Rs 1,573, touching an intraday low of Rs 1,46,444 around noon.

The yellow metal was quoted at Rs 1,47,860, down 0.11 percent or Rs 157, after hitting an intraday high of Rs 1,48,089, up 0.04 percent or Rs 72 from the previous close.

Meanwhile, July silver futures traded at Rs 2,34,500, down Rs 1,005 or 0.43 percent.

Silver slipped to an intraday low of Rs 2,30,493, a decline of 2.12 percent so far, while peaking at Rs 2,35,402, down 0.04 percent or Rs 103 from the prior close.

Earlier today, gold opened at Rs 1,46,518 and silver at Rs 2,31,671 on the MCX.

In overseas markets, precious metals also stayed under pressure. COMEX silver traded at $63.90, down more than 1.29 percent, while COMEX gold was 0.68 percent lower at $4,105.30 per ounce.

Analysts said bullion remained under pressure as investors weighed the latest West Asia developments. Gold steadied near multi-month lows after the U.S. military confirmed completion of its latest strikes on Iran, raising hopes that diplomatic talks could resume.

They noted that fading safe‑haven demand, together with expectations that U.S. interest rates could stay higher for longer, pressed bullion prices down. Higher rates make non‑yielding assets like gold and silver less attractive.

Investors also kept an eye on inflationary pressures from rising energy prices and how they might influence the U.S. Federal Reserve’s policy direction.

Meanwhile, crude oil jumped sharply, with Brent crude gaining over 2 percent to trade near $95 a barrel, and WTI crude rising 4 percent to $93.64 a barrel.