Precious metals face pressure as Federal Reserve rate hike signals and Middle East tensions dominate sentiment.

Precious metals face pressure as Federal Reserve rate hike signals and Middle East tensions dominate sentiment. Silver plunged Rs 4,785 per kg to Rs 2,35,133, declining 2%, while gold slipped Rs 1,229 per 10 grams to Rs 1,50,647, down 0.8% on MCX Thursday. Internationally, spot gold held steady near $4,715 per ounce amid ongoing geopolitical uncertainty over US-Iran ceasefire durability. Rising crude oil prices and strengthening dollar weighed on precious metals as investors await PCE data and jobless claims figures for policy direction. Technical analysts identify Rs 1,50,000 as strong support for gold futures with resistance at Rs 1,53,000, maintaining a positive bias overall. Market participants remain cautious as Middle East tensions and potential Strait of Hormuz reopening developments could reshape near-term commodity trends and inflation expectations.