Gold Flat on MCX Amid Middle East Uncertainty
Silver slips as global tensions and oil trends weigh on bullion
- MCX gold trades nearly flat at ₹1.48 lakh/10 gm
- Silver futures decline over 0.3%
- Global gold prices fall amid US-Iran tensions
- Bullion loses safe-haven appeal amid oil volatility
GG News Bureau
Mumbai, 7th April: Gold prices on the Multi Commodity Exchange of India remained largely flat on Tuesday amid continued uncertainty surrounding the Middle East conflict.
At around 9:01 am, MCX gold May futures edged up 0.06% to ₹1,48,323 per 10 grams, while silver May futures declined 0.34% to ₹2,32,575 per kg.
In the previous session, gold had closed marginally lower at ₹1,48,500 per 10 grams, while silver ended almost unchanged at ₹2,33,367 per kg.
Globally, gold prices continued their downward trend, extending losses for a second straight session. The decline followed fresh warnings from Donald Trump over potential escalation in Iran, which raised concerns about prolonged geopolitical instability and its impact on global economic growth.
International bullion prices fell by 0.7% to around $4,620 per ounce, marking a cumulative drop of over 2% in the last two sessions, according to market data.
Despite traditionally being seen as a safe-haven asset, gold has lost nearly 12% since the onset of the Middle East conflict on February 28. Analysts attribute this to shifting investor sentiment and the evolving relationship between gold and oil prices.
Market experts note that gold has recently shown an inverse trend with crude oil, with rising energy prices influencing inflation expectations and investor positioning.
