In the domestic market, the near-month futures contract on MCX was trading flat at ₹1,54,854 per 10 grams, while in the intraday session it reached ₹1,55,048, marking the highest level since 18 March. (Reuters)Precious metals were trading with modest losses on Wednesday, 15 April, as investors booked profits following the recent rally.
Comex gold futures dropped by $46 per troy ounce to an intraday low of $4,808 after hitting a one-month high of $4,895, while silver futures fell $1.23 to the day’s low of $78.3.
Both metals had closed Tuesday's session with sharp gains, with gold surging 1.75% and silver rallying 5.11%. Investors remain active in precious metals, supported by easing geopolitical tensions and softer inflation fears.
Crude oil prices have retreated sharply from recent highs, calming investor concerns over their impact on the economy, while the decline in the US Dollar Index is also supporting the precious metals rally.
The world’s reserve currency further drifted lower, falling to 98 against a basket of currencies, making greenback-priced bullion more affordable for holders of other currencies.
The US and Iran are seeking a second round of talks in the coming days, even as tensions in the Strait of Hormuz deepen the global energy crisis ahead of next week’s expiry of a ceasefire.
US President Donald Trump said on Tuesday that talks with Iran could resume in Pakistan over the next two days, according to an interview with the New York Post. “You should stay there, really, because something could be happening over the next two days, and we're more inclined to go there,” Trump was quoted as saying.
The first round of talks between the US and Iran, held over the weekend after a month-long conflict, collapsed, prompting Washington to impose a blockade on Iranian ports. Investors are hoping that a deal between the US and Iran can be reached before the expiry of the two-week ceasefire.
Meanwhile, the US military said late on Tuesday that American forces have completely halted economic trade into and out of Iran by sea through a blockade of its ports.
While cooling energy prices have also increased rate cut bets, traders now see a 29% chance of a 25-basis-point rate cut this year, up from about 13% last week. Before the war, there were expectations of two cuts in 2026, according to a Reuters report.
In the domestic market, the near-month futures contract on MCX was trading flat at ₹1,54,854 per 10 grams, while in the intraday session it reached ₹1,55,048, marking the highest level since 18 March. The yellow metal has ended the last three weeks higher, helping it recover ₹25,203 from its March lows.
Despite the strong recovery, the metal is still ₹25,989 below its record high of ₹1,80,779, attained in late January.
Silver contracts were also trading flat at ₹2,52,700 per kilogram. In the intraday session, the white metal reached nearly a one-month high, supported by a ₹12,000 jump in Tuesday's session. It was also the biggest intraday jump since early February.
The rally has helped the white metal recover ₹53,197 from its March lows, yet the highly volatile metal is still down by ₹1,67,347 from its record peak of ₹4,20,048.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments.
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