Comex Gold and Silver Prices Decline Ahead of US-Iran Nuclear Talks

Global Markets Report

February 26, 2024

Commodity Prices

• Gold: The April futures contract on Comex fell by $72 per troy ounce to a day's low of $5,154.
• Silver: The March silver futures contract on Comex declined by $4.90 per troy ounce to reach the day's low of $86.13.

Read also: Gold and Silver Prices Decline Amid Strengthening Dollar and Inflation Concerns

Market Analysis

Investors held off their bets ahead of the US-Iran nuclear talks, which are expected to take place later in the day. The US Federal Reserve is also expected to maintain interest rates at current levels in its next policy meeting.

Geopolitical Uncertainty

The US-Iran nuclear talks are a key focus for investors, with US envoy Steve Witkoff and Jared Kushner scheduled to meet an Iranian delegation in Geneva. President Trump has cautioned Tehran that it has a "maximum" of 15 days to strike a deal, or else "bad things will happen."

Read also: Gold and Silver Prices in India: A Review of Current Rates Across Major Cities

Tariff Uncertainty

US Trade Representative Jamieson Greer announced that the US tariff rate for certain countries could rise to 15% or higher from the recently implemented 10%. This uncertainty is contributing to market volatility.

Domestic Market

In the domestic market, the April gold futures contract on MCX softened by ₹2,295 per 10 grams to reach the day's low of ₹1,58,850. Silver prices also saw sharp selling, with the March futures contract on MCX dropping by ₹13,144 per kilogram to ₹2,55,172.