Gold Eases as US-Iran Pause Drives Risk Rally

Mumbai, March 24: Gold prices declined Rs 2,498 to Rs 1,36,762 per 10 grams in futures trade on Tuesday, extending losses for the fifth straight session amid uncertainty over geopolitical developments in the Middle East.

On the Multi Commodity Exchange (MCX), the yellow metal for April delivery decreased by Rs 2,498, or 1.66 per cent, to Rs 1,36,762 per 10 grams in morning deals. The contract opened at Rs 1,38,411 against Monday’s close of Rs 1,39,260, with intraday lows near Rs 1,36,500.

Analysts said the precious metal remained under pressure due to conflicting statements surrounding US-Iran tensions despite President Trump’s five-day strike delay.

Positive global cues surfaced, weakening gold, with spot prices at $4,338/oz (-1.52%) amid Brent crude’s 11% plunge to $99.94 post-relief rally. The slide tracks Wall Street’s Dow (+631 pts, 1.38%) and European rebounds (DAX +2.1%), trimming gold’s YTD gains to 43% from January peaks. Domestic wedding demand stays muted with rupee at record 93.94/USD.

Physical markets aligned with MCX, showing IBJA 24K gold at ₹1,39,410/10g across Delhi-Mumbai. ETF outflows accelerated, GOLDBEES at ₹113.05 despite +2% intraday bounce. MCX volumes surged past 20 lakh lots amid profit-booking after Monday’s Sensex 1,800-point crash. Silver held firm at ₹2,280/10g.

Jewellers anticipate rangebound trade near ₹1,37,000 MCX support but warn of swift reversals if Trump’s deadline passes without US-Iran progress, potentially testing $4,500/oz resistance.

Physical markets aligned with MCX, showing IBJA 24K gold at ₹1,39,410/10g across Delhi-Mumbai. ETF outflows accelerated, GOLDBEES at ₹113.05 despite +2% intraday bounce. MCX volumes surged past 20 lakh lots amid profit-booking after Monday’s Sensex 1,800-point crash. Silver held firm at ₹2,280/10g.

Source:

https://www.mcxindia.com/