: Thursday, June 11, 2026 12:31 PM
Mumbai,. The impact of increasing tension between America and Iran is clearly visible on global commodity markets. Gold and silver prices declined on Multi Commodity Exchange (MCX) on Thursday. Although gold got some support due to increase in demand for safe haven in the international market, the attitude of investors in the domestic market remains cautious. In Thursday’s session, gold for July delivery on MCX opened at Rs 1,46,518 per 10 grams, which is about Rs 1,500 below the previous closing price of Rs 1,48,017. However, at the time of writing (around 11.50 am), July futures gold was seen falling by about 0.13 percent and trading at Rs 1,47,828 per 10 grams. Whereas July futures silver fell by Rs 3,834 from its previous closing price of Rs 2,35,505 per kg and opened at Rs 2,31,671 per kg. At the time of writing, it was seen trading at Rs 2,34,400 per kg, falling by Rs 1,105 or 0.47 percent.
It is noteworthy that the main reason for market instability is the increasing tension between America and Iran. The US Army has attacked some Iranian targets, after which the situation has become more serious. In response, Iran has announced the closure of the Strait of Hormuz to ships. This sea route is considered extremely important for global oil supply.
Experts believe that this development has led to a rise in crude oil prices, which has increased concerns about global inflation. For this reason, investors are moving towards safer investment options.
According to commodity experts, MCX Gold on Thursday made a gap-down opening and slipped below the important psychological level of Rs 1.50 lakh per 10 grams. At present the trend of gold remains weak.
Experts say that if gold again manages to stay above Rs 1.50 lakh, then it may see improvement and prices may reach the level of Rs 1.54 lakh to Rs 1.55 lakh. On the other hand, if the price slips below Rs 1.46 lakh then selling pressure may increase and the price may go to the range of Rs 1.45 lakh to Rs 1.43 lakh.
According to experts, there is an atmosphere of weakness in silver also. MCX Silver also started gap-down and is currently trying to take support around Rs 2.30 lakh per kg.
According to analysts, if silver goes above Rs 2.36 lakh then it may regain momentum and the price may go up to Rs 2.40 lakh to Rs 2.43 lakh. At the same time, if the level of Rs 2.30 lakh is broken, the prices may slip to Rs 2.28 lakh to Rs 2.25 lakh.
On the other hand, crude oil prices remain strong on MCX. Crude Oil made a gap-up opening and was seen trading in the range of Rs 8,750 to Rs 8,800. It has seen a good recovery from recent low levels.
Experts believe that the range of Rs 8,870 to Rs 8,925 is the immediate resistance level for crude oil. If prices cross this level, a rise may be seen towards Rs 9,000 to Rs 9,050. Whereas the level of Rs 8,730 to Rs 8,650 is considered to be the nearest support.
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