In the domestic futures market, MCX silver contracts for July 2026 delivery fell by Rs 5,643, or 2.1 per cent, to Rs 2,66,243 per kilogram. Gold futures for June 2026 delivery also slipped Rs 1,000, or 0.6 per cent, to Rs 1,57,547 per 10 grams. In the previous trading session, both precious metals had settled in the flat-to-negative range.
The weakness in bullion prices followed a drone strike that caused a fire at a nuclear power facility in the United Arab Emirates, further escalating geopolitical uncertainty and pushing crude oil prices to their highest level in two weeks. The sharp rise in oil prices intensified inflationary concerns and strengthened market expectations that the US Federal Reserve could opt for another interest rate increase.
