Gold, silver prices fall on MCX as US-Iran deal hopes ease safe-haven demand
Synopsis
Gold and silver retreated on MCX as diplomatic progress on a US-Iran deal drained the geopolitical risk premium from precious metals. With gold hovering near a critical ₹1,52,000 support and COMEX gold slipping below $4,350, the next move hinges entirely on whether the deal is formally signed — and whether markets believe it holds.
Key Takeaways
MCX gold futures (August) fell up to 0.51% to an intraday low of ₹1,52,301 on 17 June .
MCX silver futures (July) traded at ₹2,49,910 , down ₹195 or 0.08% .
COMEX gold was down 0.13% at $4,348.70 per ounce ; COMEX silver rose 0.55% to $70.40 .
Easing geopolitical tensions ahead of an anticipated US-Iran deal dampened safe-haven buying across precious metals and crude oil.
Experts place key gold support at ₹1,52,000 ; a break below could target ₹1,50,000 .
Brent crude slipped below $79/barrel ; WTI crude fell nearly 1% to around $75/barrel .
Gold and silver prices declined on the Multi Commodity Exchange (MCX) on Wednesday, 17 June, as easing geopolitical tensions dampened safe-haven demand. Investors and traders remained on the sidelines, awaiting final confirmation of a US-Iran deal expected to be signed later this week.
MCX Gold Price Movement
Gold futures (August) on MCX fell as much as 0.51 per cent, or ₹790, hitting an intraday low of ₹1,52,301 around 11:30 am IST. The yellow metal was subsequently trading at ₹1,52,501, down 0.39 per cent or ₹590 from the previous close of ₹1,53,091. It briefly touched an intraday high of ₹1,53,179, up ₹88 from the prior session.
MCX Silver Price Movement
Silver futures (July) were trading at ₹2,49,910, down ₹195 or 0.08 per cent. The white metal touched an intraday low of ₹2,48,777, a decline of 0.53 per cent or ₹1,328. It recorded an intraday high of ₹2,51,498, up ₹1,393 from its previous close. Both metals opened the session at ₹1,52,800 (gold) and ₹2,50,557 (silver) on the exchange.
Global Markets: COMEX Signals Mixed
In international markets, COMEX gold was down 0.13 per cent at $4,348.70 per ounce, while COMEX silver bucked the trend, trading up 0.55 per cent at $70.40. The divergence between COMEX silver and its MCX counterpart reflects currency and local demand dynamics that can decouple domestic prices from global benchmarks in the short term.
Key Levels to Watch, According to Experts
Market experts noted that MCX gold is hovering near a key support zone of ₹1,52,000–₹1,52,500. A sustained move above ₹1,53,500–₹1,54,000 could pave the way for a recovery towards ₹1,55,000–₹1,55,500. Conversely, a break below ₹1,52,000 may trigger fresh selling pressure, dragging the metal towards ₹1,51,000 and eventually ₹1,50,000, according to analysts.
For MCX silver, experts said the metal is trading in the ₹2,49,000–₹2,50,000 range and remains relatively resilient. A sustained move above the ₹2,51,000–₹2,52,000 resistance zone could push prices towards ₹2,54,000–₹2,55,000. A fall below ₹2,48,000, however, could pull silver towards the ₹2,46,500–₹2,45,500 support region.
Crude Oil Also Under Pressure
Analysts attributed weakness across precious metals partly to easing geopolitical concerns, which also weighed on crude oil. Brent crude was trading below $79 per barrel, while US West Texas Intermediate (WTI) crude slipped nearly 1 per cent to around $75 per barrel. This comes amid broader risk-on sentiment as diplomatic progress on the US-Iran front reduces the geopolitical premium embedded in commodity prices.
The direction of both gold and silver in the near term will likely hinge on whether the anticipated US-Iran agreement is formally signed and how markets interpret its implications for regional stability.
Point of View
And any last-minute breakdown in US-Iran negotiations could trigger a sharp reversal. Notably, COMEX silver's divergence from MCX silver — rising even as domestic prices fell — suggests that industrial demand signals are quietly competing with the geopolitical narrative. Investors treating this as a clean risk-on story may be underpricing the uncertainty still embedded in West Asian diplomacy.
NationPress
11 Aug 2026
Frequently Asked Questions
Why did gold and silver prices fall on MCX today?
Gold and silver declined on MCX on 17 June primarily because easing geopolitical tensions reduced safe-haven demand. Markets are anticipating a formal US-Iran deal later this week, which has lowered the risk premium typically priced into precious metals.
What are the key price levels to watch for MCX gold?
According to market experts, MCX gold's critical support lies at ₹1,52,000–₹1,52,500. A sustained move above ₹1,53,500–₹1,54,000 could push prices towards ₹1,55,000–₹1,55,500, while a break below ₹1,52,000 could drag gold to ₹1,50,000.
How is COMEX gold performing compared to MCX gold?
COMEX gold was trading down 0.13% at $4,348.70 per ounce, broadly aligned with MCX's decline. COMEX silver, however, was up 0.55% at $70.40, diverging from MCX silver's modest fall.
What impact is the US-Iran deal having on commodity markets?
The anticipated US-Iran deal is easing geopolitical risk premiums across commodities. Gold, silver, and crude oil have all come under pressure as a result, with Brent crude slipping below $79 per barrel and WTI crude falling nearly 1% to around $75 per barrel.
What should investors in MCX silver watch for?
Experts say MCX silver needs to sustain a move above ₹2,51,000–₹2,52,000 to build upside momentum towards ₹2,54,000–₹2,55,000. A fall below ₹2,48,000 would increase selling pressure and could pull prices to the ₹2,46,500–₹2,45,500 support zone.
