Noida, June 8 (APAC Media): Gold prices slipped in early trade on the Multi Commodity Exchange (MCX) on Monday amid heightened geopolitical tensions in the Middle East.
Market participants remained cautious as the ongoing conflict involving the United States, Israel and Iran continued to fuel uncertainty across global financial markets.
Hopes for a peace deal between the United States and Iran remained dim amid the latest developments in the Middle East, with continued military action by Israel and retaliatory measures from Iran keeping geopolitical tensions elevated.
Reflecting the cautious sentiment, precious metals traded lower on the Multi Commodity Exchange (MCX) in early trade on Monday.
📊 Gold & Silver Price Chart (India – 8 June)
| City | 24K Gold (₹/10g) | 22K Gold (₹/10g) | Silver 999 (₹/kg) |
|---|---|---|---|
| Delhi | ₹1,55,590 | ₹1,43,060 | ₹2,45,120 |
| Mumbai | ₹1,55,270 | ₹1,42,820 | ₹2,45,120 |
| Kolkata | ₹1,55,270 | ₹1,42,820 | ₹2,45,120 |
| Chennai | ₹1,55,490 | ₹1,43,020 | ₹2,45,900 |
| Bengaluru | ₹1,55,450 | ₹1,42,980 | ₹2,45,700 |
| Hyderabad | ₹1,55,450 | ₹1,42,980 | ₹2,45,700 |
Analysts said traders were adopting a wait-and-watch approach amid concerns over the potential impact of the crisis on global inflation, energy markets and economic growth.
Gold futures for August delivery fell 0.93% to ₹154,290 per 10 grams, while silver futures declined 1.7% to ₹245,130 per kg at around 10:10 am.
Brent, WTI Crude Oil Prices Jump Over 3% as Iran-Israel Conflict Escalates in Middle East
Crude oil prices surged more than 3% on May 8, as escalating hostilities between Iran and Israel heightened concerns over potential disruptions to global energy supplies and the risk of a prolonged conflict in the Middle East.
International benchmark Brent crude futures for July delivery climbed 3.18% to $96.05 per barrel, while US West Texas Intermediate (WTI) crude futures for August rose 3.46% to $93.67 a barrel.
The sharp rise in oil prices came as Iran and Israel exchanged missile and air strikes, fuelling uncertainty over the durability of a fragile ceasefire and raising fears of further escalation in the region.
Investors closely monitored developments, with energy markets remaining particularly sensitive to geopolitical risks in one of the world’s key oil-producing regions.
Against this backdrop, investors also tracked movements in precious metals and other commodities.
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Disclaimer:
Gold prices and rates are for informational purposes only. APAC Media is not liable for any discrepancies or financial decisions made based on this data. Please consult an authorised advisor before making investment choices.
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