MCX Gold, Silver Futures Dip Amid US-Iran Tensions
By Market Desk
MCX gold and silver futures declined on August 15 due to escalating US-Iran geopolitical tensions and economic warnings, though retail prices remain high.
Gold futures on the Multi Commodity Exchange (MCX) declined by 0.8% on August 15, driven by escalating geopolitical tensions between the US and Iran. Silver futures also faced significant selling pressure, dropping by 1.27% as market uncertainty intensified.
Key Market Moves on MCX
- October gold futures fell by Rs 1,233, reaching Rs 1,52,233 by 10:22 am.
- The contract later traded at Rs 1,52,415, a 0.68% decrease from its previous close.
- September silver futures dropped to an intraday low of Rs 2,32,454, marking a Rs 2,993 fall.
The downturn in precious metals was primarily attributed to the ongoing US war against Iran, fueling heightened geopolitical uncertainty. US Treasury Secretary Scott Bessent’s warning of unprecedented economic measures against Iran further contributed to market jitters.
Retail Prices Remain Elevated
Despite the decline in MCX futures, retail gold prices across major Indian cities remained elevated. The national rate for 24K gold was recorded at Rs 15,288 per gram, while silver was priced at Rs 254.90 per gram.
Factors Influencing Gold Prices in India
- International bullion rates
- Fluctuations in the US dollar
- Domestic demand and seasonal jewelry purchases
- Geopolitical developments, noted as a significant trigger
Investors and buyers are advised to consider a range of factors beyond just MCX rates before making purchases. These include international prices, currency movements, and local premiums to navigate the volatile precious metal market effectively.