Mumbai, March 24 (IANS) Gold and silver prices witnessed a sharp decline on Tuesday, even as hopes of de-escalation in the West Asia conflict weighed on safe-haven demand after the US President announced a temporary pause on potential strikes targeting Iran’s energy infrastructure. On the Multi Commodity Exchange (MCX), gold futures (April 2) fell as much as Rs 2,576 or around 2 per cent to hit an intra-day low of Rs 1,36,684 per 10 grams by 10:40 am. The yellow metal was last trading at Rs 1,37,100, down Rs 2,160 or 1.5 per cent.Silver futures (May 5) also plunged 4.73 per cent, or Rs 10,667, to Rs 2,14,500 per kg during the session.In the global market, COMEX gold was trading at $4,368.76, down 1.6 per cent, after slipping to an intraday low of $4,340.

Meanwhile, COMEX silver declined around 4 per cent to $66.56, after hitting an intraday low of $66.16.Precious metals came under pressure after the US President said Washington and Tehran had held “very good and productive conversations” over the past two days, adding that any military action on Iranian power plants and energy infrastructure would be deferred for five days, subject to further discussions.However, Iran’s parliamentary speaker Mohammad-Bagher Ghalibaf denied that any negotiations had taken place, calling such reports “fake news” aimed at influencing financial and oil markets.According to analysts, COMEX gold is currently trading in the $4,300–$4,380 range after a sharp correction, with the broader trend remaining weak despite intermittent safe-haven support. Immediate resistance is seen at $4,470–$4,500, while a break below $4,250 could trigger further downside toward $4,100 levels.

"MCX gold, which opened gap-down, is holding above Rs 1,36,000 but continues to exhibit a weak recovery within a broader bearish trend. Resistance is placed at Rs 1,39,000–Rs 1,40,000, while a fall below Rs 1,34,000 may extend losses toward Rs 1,30,000," according to them.They also said that COMEX silver remains under pressure below the $68–$70 resistance zone, with downside risks toward $64–$61 if support levels fail.Similarly, MCX silver is trading in the Rs 2,15,000–Rs 2,20,000 range, with a bearish bias unless prices reclaim higher resistance levels, the analysts added.

/IANS