Mumbai, June 8 (SocialNews.XYZ) Gold and silver prices traded lower on Monday, with precious metals falling by nearly 4 per cent amid escalating tensions in the West Asia conflict, a volatile global macroeconomic environment and surging crude oil prices.
On the Multi Commodity Exchange (MCX), gold futures (August contract) declined as much as 1.85 per cent or Rs 2,882 to hit an intraday low of Rs 1,52,712 at around 12:30 pm.
The yellow metal was trading at Rs 1,53,550, down over 1 per cent or Rs 2,044. It touched an intraday high of Rs 1,54,512, down 0.69 per cent or Rs 1,082 from the previous close.
Similarly, silver futures (July contract) were trading at Rs 2,41,763, down Rs 6,774 or around 3 per cent.
The white metal touched an intraday low of Rs 2,39,064, declining 3.81 per cent during the session. It also touched an intraday high of Rs 2,51,001, down around 1 per cent from the previous close.
Earlier in the day, gold and silver opened at Rs 1,54,177 and Rs 2,51,001, respectively, on the MCX.
In international markets, precious metals also remained under pressure. COMEX silver was trading at $67.17 per ounce, down 2.79 per cent, while COMEX gold was trading around 1 per cent lower at $4,324.70 per ounce.
According to commodity analysts, precious metals witnessed selling pressure after stronger-than-expected US jobs data reinforced concerns that the US Federal Reserve could keep interest rates elevated for longer, reducing the appeal of non-yielding assets such as gold and silver.
They added that while geopolitical tensions continued to support safe-haven demand to some extent, improving sentiment around possible US-Iran negotiations and easing concerns over supply disruptions limited buying interest in precious metals.
Meanwhile, crude oil prices surged sharply, with Brent crude rising around 4 per cent to trade at $96.90 per barrel, while US West Texas Intermediate (WTI) climbed more than 4 per cent to $94.75 per barrel.
Asian markets largely traded in negative territory, with Japan’s Nikkei tumbling nearly 4 per cent, South Korea’s KOSPI dropping 5 per cent and Hong Kong’s Hang Seng declining around 1 per cent.
Source: IANS
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