Gold slips towards $3,900, silver breaks below $49 as metals retreat

Gold and silver prices retreated in Tuesday?s electronic trade, with gold slipping towards $3,900 per ounce and silver falling below $49, giving up the previous session?s gains as a rebound in oil prices revived concerns over inflationary pressures and prolonged Middle East supply disruptions. Reports of a US strike on Iran?s Qeshm Island heightened geopolitical uncertainty, triggering broader weakness across precious and industrial metals, including copper, platinum and palladium. Meanwhile, the US dollar index hovered around 101.5 as investors remained cautious ahead of the US midterm elections, which could reshape control of Congress and add to policy uncertainty. On the MCX, December gold futures fell nearly 2% to ₹1,37,960 per 10 grams, while silver futures plunged more than 4% to ₹1,75,966 per kg. The recent moderation in domestic gold prices could provide a timely boost to festive buying in India as Diwali, the festival of lights, draws closer.

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