Mumbai, May 26: Gold and silver prices edged lower on Tuesday as renewed tensions in West Asia following fresh US military action in southern Iran kept commodity markets on edge.
On the Multi Commodity Exchange (MCX), gold futures (June 5 contract) fell about 0.6%, trading near Rs 1,58,110 after touching an intraday low of Rs 1,58,000. Silver futures (July 3 contract) saw steeper losses, dropping nearly 2% during the session before recovering marginally to hover around Rs 2,72,000.
Market sentiment turned cautious after reports of US strikes targeting missile sites and vessels linked to suspected mine-laying activity near Iranian waters. The developments added uncertainty to global risk appetite, even as diplomatic discussions reportedly continued in the region.
Analysts said gold remained range-bound above the Rs 1,58,000 level, reflecting a wait-and-watch approach among traders. Resistance is seen around Rs 1,59,000–Rs 1,59,500, while support lies near Rs 1,57,500. A break below this range could trigger further weakness.
For silver, resistance is placed near Rs 2,75,000, with support around Rs 2,72,000, with volatility expected to remain elevated in the near term.
Meanwhile, global crude oil prices moved higher, with Brent crude rising about 1% to near $98 per barrel, while US West Texas Intermediate (WTI) crude gained over 3% to around $94 per barrel.
Overall, traders said geopolitical developments are likely to remain the key driver for precious metals and energy markets in the near term, keeping price movements choppy and sentiment cautious.