Gold, Silver Prices Rise Amid Geopolitical Uncertainty
NEW DELHI — Gold and silver prices moved higher Thursday, rising by up to 1% as geopolitical uncertainty and movement in crude oil prices supported demand for precious metals.
On the Multi Commodity Exchange, gold futures for June 5 delivery touched an intraday high of 152,887 rupees, up 0.49%, or 755 rupees, as of 10:49 a.m. The contract hit an intraday low of 152,400 rupees.
Silver futures for July 3 delivery were trading 1.49%, or 3,790 rupees, higher at 257,055 rupees after reaching an intraday high. The contract opened at 254,998 rupees on the MCX, up 0.68%, or 1,733 rupees, and touched an intraday low of 254,722 rupees.
Commodity market experts said the near-term outlook for precious metals remains positive, supported by safe-haven demand tied to geopolitical uncertainty.
Precious metals were also trading higher in international markets. COMEX gold rose 0.21% to $4,703 per ounce, while silver gained 1.12% to $78.17 per ounce.
The gains in gold and silver were also attributed to weakness in the dollar index, which was trading below the 98 mark.
Uncertainty surrounding U.S.-Iran talks also supported demand. The two countries are continuing discussions aimed at ending the ongoing conflict, with reports saying Washington has asked Tehran to halt its nuclear program and reopen the Strait of Hormuz.
Iran’s Foreign Ministry said Tehran would respond to the proposal, while U.S. President Donald Trump said he believes Iran wants a deal.
Brent crude, the international oil benchmark, traded at $102.50 per barrel, up 1.21%. U.S. West Texas Intermediate crude rose 1.47% to $96.48 per barrel. (Source: IANS)
