Precious Metals Retreat as West Asia Tensions Ease on April 10th
Bullion traded marginally lower during the early trading on April 10th. The movement in precious metals is occurring amid a discernible easing of geopolitical tensions in West Asia. Investors are maintaining a watchful stance as they process the developments following the US and Iran reaching an agreement on a two-week ceasefire.On the international front, the spot price action mirrored this sentiment. The international spot price of gold declined 1.01 percent, settling at $4,769.30 per ounce. Simultaneously, silver experienced a more pronounced dip, edging 1.50 percent lower, recording $75.29 per ounce on Comex.
Domestic Gold and Silver Performance on Indian Exchanges
In the domestic market context, gold showed slight resilience on the MCX. The futures gold concluded the Thursday session marginally higher, closing at Rs 1,53,500 per 10 grams of 24-karat purity. This represented a rise of 0.04 percent from its previous closing levels.Silver also tracked a modest decline domestically. Silver edged 0.07 percent lower, marking the day's close at Rs 2,43,599 per kilogram.
Global Commodity Backdrop and Currency Movement
Broader market indicators provided a mixed backdrop for the commodities. Meanwhile, the value of the rupee remained relatively stable, hovering near 92.90 against the dollar.In energy markets, Brent crude oil provided a notable counter-trend. Brent crude surged, trading just above 96 per barrel. This surge contrasts with the weaker performance observed in gold and silver that day.
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