Gold and Silver Prices Fall Amid Easing Tensions in West Asia

Mumbai: Gold prices weakened on Wednesday as investors reduced safe-haven positions following signs of easing tensions in West Asia. On the Multi Commodity Exchange (MCX), August gold futures fell by as much as Rs 790, or 0.51 percent, to touch an intraday low of Rs 1,52,301. At around 11.30 am, gold was trading at Rs 1,52,501, down Rs 590 or 0.39 percent from the previous close. During the session, the metal touched a high of Rs 1,53,179. Silver also remains under pressure Silver prices also traded lower, although losses were smaller compared with gold. MCX July silver futures were trading at Rs 2,49,910, down Rs 195 or 0.08 percent. The metal fell to an intraday low of Rs 2,48,777, losing Rs 1,328 or 0.53 percent during the day. However, silver also saw some recovery and touched a high of Rs 2,51,498. Earlier in the session, gold opened at Rs 1,52,800, while silver opened at Rs 2,50,557. Global market signals mixed In international markets, gold prices remained slightly weak. COMEX gold was trading at USD 4,348.70 per ounce, down 0.13 percent. However, COMEX silver moved higher and traded at USD 70.40 per ounce, gaining 0.55 percent. Market participants are waiting for final confirmation of the proposed US-Iran agreement expected later this week, which could influence global commodity prices. Key levels to watch Market experts said MCX gold is currently moving near an important support zone between Rs 1,52,000 and Rs 1,52,500. A strong move above Rs 1,53,500 to Rs 1,54,000 could improve sentiment and push prices towards Rs 1,55,000 to Rs 1,55,500. On the downside, if gold falls below Rs 1,52,000, prices could decline further towards Rs 1,51,000 and even Rs 1,50,000. For silver, analysts said the metal remains relatively stable around the Rs 2,49,000 to Rs 2,50,000 range. A move above Rs 2,51,000 to Rs 2,52,000 may support a rise towards Rs 2,54,000 to Rs 2,55,000. Crude oil prices fall Analysts said easing geopolitical concerns also affected crude oil prices. Brent crude slipped below USD 79 per barrel, while US WTI crude declined nearly 1 percent and traded around $75 per barrel, reflecting lower risk premiums in global markets.