Gold and silver prices declined by up to 1% in early trading on Tuesday, 18 August, due to profit-booking amid rising oil prices, which stoked fears of rate hikes by the US Federal Reserve and other major central banks globally.
MCX gold October futures were 0.55% down at ₹1,55,090 per 10 grams, while MCX silver September contracts were 1% down at ₹2,35,655 per kg around 9:25 AM.
The crude oil benchmark Brent crude traded above $91 per barrel as US-Iran talks remain stalled. According to reports, Iran is signalling a more aggressive approach, while the US has ruled out extending the ceasefire, raising concerns about potential disruptions to energy supplies through the Strait of Hormuz.
US President Donald Trump on Monday (local time) reiterated his remarks that the Strait of Hormuz is a “US territory,” and Washington has “total control” in the region.
(This is a developing story. Please check back for fresh updates.)
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