Precious Metals Preview: Gold and Silver tumble in line with equities

Bullion futures melted today as conflicting US-Iran statements on peace talks led to a sharp selloff after impressive gains in last session. Major equity indices fell around 1% in Europe as Iran dismissed US plan to pause the war. Iranian broadly continued to maintain they are not in negotiations with the US and the potential for further US military action is looming. Oil prices soared and precious metals turned lower as they have done in this latest episode of market turmoil that has seen Gold and Silver move in tandem with equities. COMEX Gold futures are down around 3% at $4425 per ounce after adding 3.40% in last session. COMEX Silver shed 6% after a 4.4% rally in last session. MCX Gold futures for June ended at Rs 147440 per 10 grams, up 3.70% on the day with a sharp rise in open interest and volume. Silver futures closed at Rs 234834 per kg, up around 5% on the day.

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