On the MCX, December gold futures advanced to ₹1,40,524 per 10 grams, recovering from their weakest performance since March. Silver futures simultaneously climbed by ₹5,543 per kg after enduring steep consecutive monthly losses, which featured a 20% tumble in October. The turnaround coincided with Brent crude tumbling 7% below $105 per barrel as Iran offered to reopen the Strait of Hormuz under supervised routes. Despite these immediate gains, precious metals remain well off their all-time peaks, with silver trailing its record high by 56%.
Key points
Tehran has linked maritime passage and nuclear talks to the removal of oil sanctions and…: Tehran has linked maritime passage and nuclear talks to the removal of oil sanctions and a broader ceasefire.
Despite the single-day recovery, gold remains ₹40,255 below its historical high of ₹1,80,…: Despite the single-day recovery, gold remains ₹40,255 below its historical high of ₹1,80,779 per 10 grams.
Silver prices face a long path to total recovery after shedding over half their value fro…: Silver prices face a long path to total recovery after shedding over half their value from record peaks.
Sources checked by our analysis pipeline: 1
Gold and silver prices recovered in Monday’s trade after hitting multi-month lows, as easing inflationary pressures amid a sharp retreat in crude oil prices supported sentiment. A drop in the US dollar also lent support to the rebound in precious metals.
The December gold futures contract on the MCX gained ₹2,039 per 10 grams to touch the day’s high of ₹1,40,524. In the previous session, the yellow metal had fallen to its lowest level since March.
Silver prices also attempted a recovery, with the futures contract rising ₹5,543 per kg to ₹1,84,675.
The rebound came after silver logged back-to-back monthly losses, with October marking its steepest monthly decline, at 20%, or ₹44,574 per kg and during the period, it touched the lowest level in 10 months.
Crude oil prices extended the decline on Monday, with Brent crude futures dropping 7% to below $105 a barrel, as hopes for a diplomatic resolution to the US-Iran conflict eased concerns over further supply disruptions.
Iran reportedly said on Monday that it had a two-day plan to reopen the Strait of Hormuz and resume…
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