International News
Gold and silver dip on Russia Ukraine peace speculation
Gold and silver prices faced profit booking on MCX Tuesday amid buzz over a potential Russia-Ukraine peace deal. MCX February 2025 gold futures slid over Rs.800/10g to an intraday low of Rs.1,33,308, recovering to Rs.1,33,800 by 2:35 PM. Silver hit Rs.1,94,260/kg, down Rs.3,650/kg early on. Internationally, COMEX gold fell $37/oz to $4,298.65 before rebounding above $4,300/oz.
The pressure stemmed from reports of Ukrainian President Zelenskyy considering dropping NATO ambitions, fueling unconfirmed peace talk speculation despite no territorial concessions. Silver and gold rates today are under pressure as the market is discounting the news reports of the Ukrainian President Volodymyr Zelenskyy’s indication to drop Kyiv’s long-held ambition of joining NATO. This has triggered peace deal buzz in the Russia-Ukraine war, started in February 2022, when Moscow launched a full-scale invasion of its neighbour.
Supportive factors are weak INR/USD and falling bond yields persist. Analysts sees MCX gold rebound to Rs.1,34,000–Rs.1,37,000/10g (support at Rs.1,33,250), with COMEX gold targeting $4,400/oz (support at $4,280).
International News
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Renewed expectations of a diplomatic resolution to Middle Eastern conflicts sent ripples through the commodities market on June 3. On the MCX, June gold futures rose 0.26% to Rs. 1,58,930 per 10 grams, while July silver futures saw a modest 0.07% bump to Rs. 2,63,150 per kg. Conversely, physical retail gold saw a marginal dip, with 24K gold landing at Rs. 1,56,110 per 10 grams in Mumbai and Kolkata, Rs. 1,56,260 in Delhi, and Rs. 1,57,970 in Chennai.
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