Gold, Silver Rise on Hopes of Easing West Asia Tensions
MUMBAI — Gold and silver prices moved higher Thursday, supported by expectations of easing geopolitical tensions in West Asia and improving sentiment in global markets.
On the Multi Commodity Exchange, gold futures for the June 5 contract rose as much as 0.67 percent, or Rs 1,042, to hit an intraday high of Rs 1,54,990. Silver futures climbed up to 1.58 percent, or Rs 3,993, reaching an intraday high of Rs 2,55,735.
Gold was trading at Rs 1,54,911, up Rs 963, or 0.63 percent, after touching an intraday low of Rs 1,54,501. Silver stood at Rs 2,54,997, up Rs 3,255, or 1.3 percent, after hitting a low of Rs 2,53,720 earlier in the session.
The gains in precious metals followed remarks by U.S. President Donald Trump signaling optimism about a potential de-escalation in the West Asia conflict and improved access through the Strait of Hormuz.
Analysts said sentiment remains cautiously positive, with macroeconomic factors offering support, though a sustained uptrend will depend on further confirmation.
“Gold is trading in the Rs 1,54,500–Rs 1,55,000 range with buying interest at lower levels. A sustained move above Rs 1,55,000 could revive momentum towards Rs 1,57,000–Rs 1,58,000, while a break below Rs 1,54,000 may lead to a correction towards Rs 1,52,000–Rs 1,51,000 and further to Rs 1,48,000,” a commodity expert said.
For silver, analysts noted that prices are holding above Rs 2,54,000, supported by safe-haven demand and strength in industrial metals.
Resistance is seen at Rs 2,60,000–Rs 2,63,000, with potential upside toward Rs 2,68,000–Rs 2,70,000. On the downside, a break below Rs 2,50,000 could trigger a correction toward Rs 2,44,000–Rs 2,40,000, they said.
In a post on Truth Social, Trump said efforts were underway to create “a little breathing room between Israel and Lebanon,” adding that talks between the two sides would take place soon.
He also said China was “very happy” with the permanent opening of the Strait of Hormuz.
“I am doing it for them also and the world. This situation will never happen again. They (China) have agreed not to send weapons to Iran,” Trump said. (Source: IANS)
