Gold, silver fall as Iranian missiles reported at US warship
Gold and silver prices dropped sharply on Monday after reports of Iranian missiles being fired at a US warship in the region.
By 4pm IST, COMEX gold was down 2.3% at $4,535 per ounce and MCX gold fell over ₹1,500 per 10gm to below ₹150,000.
The market reacted as crude oil prices spiked on the back of these tensions.
COMEX silver slides nearly 5%
Silver didn't escape the chaos: COMEX silver slid nearly 5% to $72.60 per ounce while MCX silver dropped over ₹6,200 per kilogram to under ₹245,000.
Experts say bullion prices could stay jumpy thanks to ongoing geopolitical stress and higher energy costs.
SEBI-registered market expert Anuj Gupta expects gold to hover between $4,500 and $4,600 per ounce and silver in the $68 to $78 per ounce range for now.
A stronger petrodollar and hawkish Fed expectations are adding even more pressure on precious metals.