Gold and silver futures on the Multi Commodity Exchange (MCX) opened lower on Thursday, April 23, 2026, as the yellow metal retreated despite lingering geopolitical uncertainties in the Middle East. At 9:01 am, the MCX Gold May futures contract traded at ₹1,50,500 per 10 grams, down 0.47% from Wednesday’s close of ₹1,51,300 per 10 grams. The MCX Silver May futures took an even steeper hit, slipping 2.05% to ₹2,43,277 per kg after closing at ₹2,48,690 per kg on Wednesday.
Global gold sinks on ceasefire‑linked risk‑off
The fall in MCX prices mirrored a broader global pull‑back in gold, which declined by as much as 1% to below $4,700 an ounce after a partial calm‑down in the Israel‑Iran conflict. President Donald Trump’s announcement that the US‑Iran ceasefire will continue indefinitely, while Washington waits for a new peace proposal from Tehran, eased some of the immediate war‑risk premium that had been supporting gold earlier. The US‑brokered pause has helped edge sentiment away from pure safe‑haven buying, even as the blockade of the Strait of Hormuz and high‑inflation risks remain in the background.
What it means for Indian investors
The latest move underscores how geopolitical developments, currency flows and interest‑rate expectations can quickly override the traditional “safe‑haven” tag of gold. With domestic MCX contracts now softer and global prices off recent highs, jewelry‑buyers and small‑ticket investors may see marginally lower spot gold rates, while speculative traders are likely to watch the Iran‑peace‑process track and US‑policy cues closely. Silver’s sharper fall highlights that investors are also unwinding positions in industrial‑linked precious metals as the energy‑security and inflation picture remains uncertain but less panicky than in recent weeks.
