Gold and silver prices on Thursday fell up to 5.6 per cent after US President Donald Trump's prime-time address on the Middle East conflict
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MUMBAI — Gold and silver prices on Thursday fell up to 5.6 per cent after US President Donald Trump's prime-time address on the Middle East conflict failed to deliver fresh signals of an imminent resolution, disappointing bullion bulls who hoped for a ceasefire announcement.
On the Multi Commodity Exchange (MCX), gold futures (June 5) fell as much as 2.31 per cent, or Rs 3,563, to hit an intraday low of Rs 1,50,145 till 10:30 am. On the intraday high, the yellow metal traded 0.79 per cent, or Rs 1,218 lower, at Rs 1,52,490.
Silver futures (May 5) declined as much as 5.59 per cent, or Rs 13,613, to hit an intraday low of Rs 2,29,888 on the MCX.
The white metal touched an intraday high of Rs 2,42,800, up 0.28 per cent from the previous session's close.
In international markets, spot gold fell as much as 2.26 per cent to an intraday low of $4,650.30. Spot silver declined 4.7 per cent to $71.50.
Meanwhile, COMEX gold traded at $4,813, down 2.73 per cent, while COMEX silver slumped around 6 per cent to $71
Analysts said the price structure for both metals remains weak, with geopolitical tensions in the Middle East offering only limited safe-haven support.
"The near-term bias remains cautious, with macro uncertainty and geopolitical developments expected to continue driving momentum," analysts said.
The precious metals gave up their earlier gains after Trump said the month-long conflict was close to ending but warned that the United States could strike Iran "extremely hard" within two to three weeks.
He added that the military mission was nearing its objectives and urged allies dependent on Middle Eastern oil to help address the near-shutdown of the Strait of Hormuz.
Moreover, oil prices traded higher, with Brent crude futures increasing as much as 5.24 per cent to $106.47 per barrel and US WTI futures climbing 4.5 per cent to $104.64.