India, April 23 -- Precious metals came under pressure in early Thursday trading on the Multi Commodity Exchange of India, as a confluence of macro factors pushed both gold and silver futures into the red. Crude oil prices stayed firm through the session, amplifying inflation concerns and keeping alive the prospect of an extended high-interest-rate environment.

Uncertainty around US-Iran negotiations added another layer of caution, with traders unwilling to build long positions in metals ahead of any diplomatic development that could shift oil supply assumptions.

Silver futures for May 2026 delivery bore the sharper blow, falling Rs. 6,144 to Rs. 2,42,220 per kg on the MCX. This came a session after silver had surged nearly 2 percent, g...