Gold and silver prices traded higher on Friday amid renewed geopolitical tensions between the US and Iran.
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MUMBAI — Gold and silver prices traded higher on Friday amid renewed geopolitical tensions between the US and Iran, with precious metals surging up to 1 per cent.
On the Multi Commodity Exchange (MCX), gold futures (June 5) opened at INR 1,52,672 per 10 grams, up INR 411 from the previous close of INR 1,52,261.
At around 12:20 pm, the yellow metal was trading INR 592 or 0.38 per cent higher at INR 1,52,853 per 10 grams. During the session so far, it touched an intraday high of INR 1,53,103, rising INR 842 or 0.55 per cent.
Meanwhile, silver futures (July 3) opened at INR 2,59,999 per kg against the previous close of INR 2,58,540, a gain of INR 1,459 or 0.56 per cent.
The white metal was trading INR 3,126 or 1.21 per cent higher at INR 2,61,666 per kg. Silver touched an intraday high of INR 2,62,723, up INR 4,183 or 1.61 per cent.
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The commodity market experts said MCX gold continues to show improving momentum after opening firmly above the INR 1,52,000 level.
Analysts noted that a sustained move above INR 1,53,000 could strengthen bullish sentiment and push prices towards the INR 1,55,000–INR 1,56,000 range. Immediate support for gold is seen between INR 1,52,000 and INR 1,51,600, with stronger buying support emerging near INR 1,50,000 levels.
For silver, analysts said prices remained firm after opening with a gap-up above the INR 2,60,000 mark. A decisive breakout above the INR 2,64,000–INR 2,66,000 resistance zone could extend the rally towards INR 2,72,000–INR 2,75,000 levels, while support is placed around INR 2,56,000.
Precious metals also witnessed gains in international markets. COMEX gold was trading 0.28 per cent higher at $4,725 per ounce, while COMEX silver rose 0.17 per cent to $80.30 per ounce.
The rally in precious metals followed renewed tensions in West Asia after Iran accused the United States of violating the month-long ceasefire agreement, while Washington defended its actions as retaliatory following alleged attacks on American naval vessels in the Strait on Thursday.
Iran’s military claimed that US forces struck an Iranian oil tanker, another vessel and civilian locations in the Strait as well as on the Iranian mainland.
Meanwhile, US President Donald Trump said the ceasefire remained in effect and that Washington was awaiting Tehran’s response to its latest peace proposal.
Moreover, Brent crude rose 2.82 per cent to $102.89 per barrel, while US West Texas Intermediate (WTI) crude gained 4 per cent to $98.64 per barrel.