In international markets, spot gold fell close to 1% and traded around $4,530 per ounce, while spot silver declined almost 2% to trade below the $77-per-ounce mark.
Gold and silver prices witnessed a sharp decline in Indian markets on Tuesday (May 26), tracking weakness in international bullion prices, pressure from a stronger rupee and a rise in crude oil prices, while renewed geopolitical tensions in West Asia kept investors cautious.
On the Multi Commodity Exchange (MCX), gold prices declined nearly 1%, slipping by around ₹1,000 during intraday trade to trade near ₹1.58 lakh per 10 grams. Silver saw steeper losses, falling over ₹5,000 or nearly 1.8% to around ₹2.71 lakh per kilogram.
The weakness in domestic bullion prices mirrored global market trends. In international markets, spot gold fell close to 1% and traded around $4,530 per ounce, while spot silver declined almost 2% to trade below the $77-per-ounce mark. The selloff came as investors assessed geopolitical developments and adjusted positions amid changing macroeconomic signals.
Market sentiment turned cautious following renewed military tensions involving the United States and Iran. Reports indicated that US forces targeted missile launch sites and mine-laying vessels in southern Iran, raising fears of a prolonged conflict in the region. The development dampened optimism over a possible diplomatic breakthrough between Washington and Tehran, despite US President Donald Trump stating that negotiations were making progress.
At the same time, crude oil prices moved higher, adding another layer of uncertainty to global financial markets. Brent crude was seen nearing $98 per barrel, while US West Texas Intermediate (WTI) crude traded around $92 per barrel. Rising oil prices have intensified concerns over inflationary pressures and strengthened expectations that central banks could maintain tighter monetary policy conditions for longer.
Manav Modi, Commodities Analyst at Motilal Oswal Financial Services, said gold prices reversed earlier gains as concerns around geopolitical tensions and inflation resurfaced.
“The renewed escalation pushed crude oil prices higher after a week of declines, reigniting concerns over energy-driven inflation and keeping markets cautious,” Modi said.
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He added that rising crude prices also supported the US dollar, while expectations of elevated interest rates continued to weigh on non-yielding assets such as gold. According to Modi, while reports suggest progress in US-Iran negotiations, key disagreements remain regarding sanctions relief, the Strait of Hormuz and Iran’s nuclear programme.
Adding a technical outlook, Ponmudi R, CEO of Enrich Money, said MCX Gold opened with a mild gap down and continued to reflect a cautious undertone.
“MCX Gold opened with a mild gap down and is currently trading above the ₹1,58,000 mark, reflecting a cautious undertone in price action. Immediate resistance is placed at ₹1,59,000–₹1,59,500; a sustained move above this zone could help strengthen momentum and push prices toward the ₹1,60,000–₹1,60,500 level,” he said.
Ponmudi further noted that a break below the ₹1,58,000–₹1,57,500 range could trigger further weakness toward ₹1,56,000–₹1,55,000. He said the near-term bias remains cautious to mildly positive, although a decisive breakout above key resistance levels would be necessary to confirm stronger momentum.
Investors are now awaiting key US economic data, including GDP and inflation readings later this week, for fresh signals on the Federal Reserve’s interest rate trajectory and broader market direction.
Published on: May 26, 2026 12:33 PM IST
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