NewKerala.com

Gold, Silver Rally on Hopes of West Asia De-escalation; Crude Oil Slips

Gold and silver prices are poised to open higher in Tuesday's evening session, buoyed by hopes of de-escalation in the West Asia conflict. Spot gold and silver saw significant jumps, tracking global cues and improved market sentiment. However, bullion remains on track for its steepest monthly decline in over 17 years due to elevated energy prices dampening rate cut expectations. Concurrently, global crude oil futures traded lower, with Brent and WTI both declining.

Key Points: Gold, Silver Prices Rise as Geopolitical Tensions Ease

  • Gold & silver prices open higher
  • Crude oil futures trade negative
  • Hope for West Asia conflict de-escalation
  • Bullion on track for steep monthly decline
  • MCX evening session to open
2 min read

Gold, silver likely to trade positive amid hopes of de-escalation in West Asia, crude oil prices slip

Gold and silver prices jump amid hopes of de-escalation in West Asia, while crude oil futures decline. Track MCX and global market updates.

"Market sentiment improved after reports suggested that US President Donald Trump signalled a willingness to end the military campaign against Iran - Reports"

New Delhi, March 31

Gold and silver prices are likely to open higher in Tuesday's evening session amid hopes of de-escalation in the West Asia conflict.

Tracking global cues, spot gold jumped as much as 2.39 per cent to $4,619.14 per ounce as of 11 A.M., while US gold futures for June delivery gained 2 per cent to $4,649.26.

Similarly, spot silver advanced 4.82 per cent to $73.48 per ounce, while COMEX silver traded at $73.705, up 4.44 per cent from the previous close.

On Monday, MCX gold futures (June 5) ended at Rs 1,47,450, down 0.15 per cent, while MCX silver futures (May 5) closed on a flat note at Rs 2,29,033, up 0.03 per cent.

However, the yellow metal remains on track for its steepest monthly decline in over 17 years, as elevated energy prices have dampened expectations of a US interest rate cut.

Market sentiment improved after reports suggested that US President Donald Trump signalled a willingness to end the military campaign against Iran, which could trigger a risk-on mood across global financial markets.

Reports also indicated that President Trump may halt US military action even if the Strait of Hormuz remains largely closed, leaving efforts to reopen the key oil route for a later stage.

Despite the recent uptick, bullion has fallen more than 13 per cent so far this month, putting it on course for its sharpest monthly drop since October 2008. However, prices remain up around 5 per cent for the current quarter.

Following these developments, global crude oil futures traded in the negative zone, with Brent crude declining 2.37 per cent to $104.84 per barrel -- an intraday low. US WTI futures also fell 2 per cent to $100.83 per barrel as of 11 AM.

Indian stock markets are closed on account of Mahavir Jayanti, though easing geopolitical tensions may offer some relief to sentiment.

Meanwhile, MCX will open for the evening session between 5 PM. and 11:30 PM. GIFT Nifty futures were trading about 1 per cent higher.

- IANS

Share this article:

Reader Comments

S
Sarah B
As someone who follows commodities, the link between crude oil slipping and precious metals rising is clear. Lower oil prices ease inflation fears, which is good for gold. Interesting to see how MCX performs in the evening session.
A
Arjun K
Finally some good news! West Asia tensions cooling down is crucial for global stability. Lower crude prices mean potential relief on petrol and diesel prices in India too. A positive start to the financial quarter, hopefully it continues.
P
Priya S
My mother was worried about her gold investments this month. This article gives some hope, but the "steepest monthly decline in over 17 years" part is still scary. We should be cautious and not jump in too quickly.
M
Michael C
While the short-term bounce is welcome, I have to respectfully point out that the article buries the lede. A 13% monthly drop is massive. One day of gains on geopolitical hopes doesn't change the fundamental pressure from US rates. Investors should look at the bigger picture.
K
Kavya N
Silver jumping nearly 5% is impressive! It often moves more than gold. With markets closed for Mahavir Jayanti, it gives traders time to plan for the MCX evening session. Hope the positivity continues. 🤞

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50