Gold and Silver Rates Swing as Crude Oil Climbs Amid Global Tensions

New Delhi : The Indian commodity markets witnessed a turbulent start on Monday, April 6, 2026, as gold and silver prices on the Multi Commodity Exchange (MCX) fluctuated sharply. This volatility comes on the heels of rising Brent crude prices, which hit USD 110.74 per barrel, fueled by escalating geopolitical tensions in West Asia and a strengthening US Dollar.

The benchmark June 5 gold contract opened on a bearish note, sliding by 0.55% to hit an intraday low of Rs 1,48,298 per 10 grams. However, the yellow metal staged a resilient comeback during the afternoon session. By midday, it was trading in the green at Rs 1,50,194, marking a gain of Rs 514.

Longer-term sentiment remained bullish, with the August 2026 futures climbing 0.43% to reach Rs 1,52,606 per 10 grams, supported by steady turnover in the business circuits.

Silver followed a similar "V-shaped" recovery pattern. The May 5 silver futures initially plummeted by over Rs 2,800, touching a low of Rs 2,29,651. Despite the early sell-off, the white metal managed to recoup its losses, trading marginally higher at Rs 2,32,550 as investors balanced the impact of a stronger dollar against safe-haven demand.

In international markets, COMEX gold edged up to approximately USD 4,691.7 per troy ounce. Conversely, spot gold faced slight downward pressure, trading at USD 4,657.51 per ounce.

Analysts suggest that the interplay between rising energy costs and currency fluctuations will continue to keep the bullion market on edge. Investors are advised to remain cautious as the situation in West Asia remains a primary driver for immediate price discovery in the precious metals sector.