MCX Gold Opens Lower
New Delhi: Gold and silver prices fell on April 13. Precious metals saw pressure due to rising tensions between the US and Iran and a surge in crude oil prices. Meanwhile, a shift in investor sentiment led to mild selling in the market.
Gold opened lower on the Multi Commodity Exchange (MCX) today. Gold futures opened at ₹1,51,547 per 10 grams and slipped to ₹1,51,457 in early trade. Gold for June delivery fell by nearly 0.7%, or more than ₹1,100, to trade at ₹1,51,551 per 10 grams.
Silver prices also fell further. Silver for May delivery fell by more than ₹5,300, or more than 2%, to ₹2,37,961 per kilogram.
Gold prices also weakened in the global market. COMEX gold is trading around $4,740 per ounce, down about 1% from the previous session. Spot gold fell 0.6% to $4,718 per ounce, close to its lowest level in the past week.
Silver prices also fell 2% to $74 per ounce, while platinum and palladium saw mixed trends.
The sharp rise in crude oil prices has had a significant impact on the market. Escalating tensions between the United States and Iran have pushed Brent crude prices above $100 per barrel. This has fueled fears of rising inflation and dampened expectations of interest rate cuts by central banks.
US President Donald Trump's order for a naval blockade in the Strait of Hormuz has further exacerbated the situation. In response, Iran's Revolutionary Guards have warned that any military activity will be met with a strong response.
Experts believe that gold and silver prices may continue to fluctuate in the current global situation. Investors are advised to remain vigilant and monitor market direction, as geopolitical tensions and oil prices may impact prices in the coming days.
