Gold, silver prices crash after Trump says Iran ceasefire is 'over'
Gold, silver prices crash after Trump says Iran ceasefire is 'over'
Gold and silver prices witnessed a sharp decline in the Indian futures market on Wednesday after renewed geopolitical developments involving the United States and Iran eased fears of a wider conflict.
The fall came after US President Donald Trump declared that the Iran ceasefire was "over" and sharply criticized the Iranian leadership, calling them "scum."
The easing of immediate geopolitical uncertainty reduced demand for safe-haven assets such as gold and silver, triggering heavy selling in the commodities market.
According to the Multi Commodity Exchange (MCX), gold futures for August delivery tumbled 1.65% to ₹1,43,000 per 10 grams. Silver futures for September delivery recorded an even steeper decline, falling 3.17% to ₹2,23,548 per kilogram.
Precious metals often gain during periods of global uncertainty as investors seek safer investments. However, any sign of reduced geopolitical tensions typically shifts investor sentiment toward riskier assets like equities, putting pressure on gold and silver prices.
Market experts said traders will now closely monitor further developments in the Middle East, along with upcoming US economic data and the Federal Reserve's policy signals, which are expected to play a key role in determining the near-term direction of precious metal prices.
