Middle East De-escalation Drives Commodities Shift: Gold & Silver Surge as Crude Oil Plunges
A noticeable pause in US-Iran hostilities over the weekend has triggered a major realignment across global commodity markets. As geopolitical friction eases and supply disruption fears around the Strait of Hormuz cool down, crude oil prices have plummeted, while precious metals have rebounded sharply on lower inflation worries and a softer US Dollar Index.
Key Market Takeaways
Precious Metals Rebound Strong:
MCX Gold opened with a bullish gap, rising to ₹1,43,899 per 10g, supported by strong buying in international markets where spot gold climbed above $4,105/oz.
MCX Silver gained over 1%, touching ₹2,24,500 per kg, while international spot silver zoomed 3% toward $60/oz.
Retail Gold in India: 24K gold reached ₹1,45,860/10g in major metro hubs like Mumbai, Bengaluru, and Chennai, and ₹1,46,010/10g in Delhi.
Crude Oil Sharply Declines:
Easing supply fears pushed US WTI Crude down nearly 6% to around $85/bbl.
Brent Crude mirrored the trend, slipping below $93/bbl after dropping as much as 7% in early trade.
Central Bank Focus:
Traders are closely eyeing the upcoming U.S. Federal Reserve policy decision. While rates are broadly expected to remain hold this week, market participants are weighing potential rate shifts later in the year amid evolving macroeconomic signals.
Technical Outlook: Analysts note that MCX Gold continues to hold above its 200-DEMA (141,241), with immediate resistance anticipated in the ₹144,725 – ₹145,670 zone. Meanwhile, MCX Crude faces critical support around ₹7,998, with potential downside toward ₹7,800 if broken.
#GoldRates #SilverPrice #CrudeOil #CommodityMarket #MarketUpdate
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A noticeable pause in US-Iran hostilities over the weekend has triggered a major realignment across global commodity markets. As geopolitical friction eases and supply disruption fears around the Strait of Hormuz cool down, crude oil prices have plummeted, while precious metals have rebounded sharply on lower inflation worries and a softer US Dollar Index.
Key Market Takeaways
Precious Metals Rebound Strong:
MCX Gold opened with a bullish gap, rising to ₹1,43,899 per 10g, supported by strong buying in international markets where spot gold climbed above $4,105/oz.
MCX Silver gained over 1%, touching ₹2,24,500 per kg, while international spot silver zoomed 3% toward $60/oz.
Retail Gold in India: 24K gold reached ₹1,45,860/10g in major metro hubs like Mumbai, Bengaluru, and Chennai, and ₹1,46,010/10g in Delhi.
Crude Oil Sharply Declines:
Easing supply fears pushed US WTI Crude down nearly 6% to around $85/bbl.
Brent Crude mirrored the trend, slipping below $93/bbl after dropping as much as 7% in early trade.
Central Bank Focus:
Traders are closely eyeing the upcoming U.S. Federal Reserve policy decision. While rates are broadly expected to remain hold this week, market participants are weighing potential rate shifts later in the year amid evolving macroeconomic signals.
Technical Outlook: Analysts note that MCX Gold continues to hold above its 200-DEMA (141,241), with immediate resistance anticipated in the ₹144,725 – ₹145,670 zone. Meanwhile, MCX Crude faces critical support around ₹7,998, with potential downside toward ₹7,800 if broken.
#GoldRates #SilverPrice #CrudeOil #CommodityMarket #MarketUpdate
$XAU
$XAG