Gold and silver prices traded marginally higher on Wednesday amid continued geopolitical uncertainty and cautious optimism surrounding possible progress in US-Iran peace negotiations
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MUMBAI — Gold and silver prices traded marginally higher on Wednesday amid continued geopolitical uncertainty and cautious optimism surrounding possible progress in US-Iran peace negotiations.
On the Multi Commodity Exchange (MCX), gold futures (June 5) were trading 0.10 per cent or Rs 164 higher at Rs 1,57,780 at around 10:35 am.
The yellow metal touched an intraday high of Rs 1,57,898, up 0.17 per cent or Rs 282. It recorded an intraday low of Rs 1,57,454, down 0.10 per cent or Rs 162 from the previous close of Rs 1,57,616.
On the other hand, silver futures (July 3) too witnessed buying optimism, gaining 0.73 per cent or Rs 2,000 to hit an intraday high of Rs 2,72,628 so far.
At the last count, the white metal was trading at Rs 2,72,379, up 0.65 per cent or Rs 1,751. It recorded an intraday low of Rs 2,71,350, which was still higher by 0.26 per cent or Rs 722 against its previous close of Rs 2,70,628.
On the commodity exchange, silver and gold earlier opened at Rs 2,72,603 and Rs 1,57,541, respectively.
Similarly, in the international market, COMEX gold was trading at $4,508.20, up 0.13 per cent. COMEX silver was seen at $77.09 an increase of 0.63 per cent.
The commodity market experts said that gold stabilised above the $4,500-per-ounce mark on Wednesday after witnessing pressure earlier this week, as investors remained cautiously optimistic over possible progress in US-Iran peace negotiations.
US President Donald Trump said discussions to extend the ceasefire and reopen the Strait of Hormuz were ongoing, while US Secretary of State Marco Rubio cautioned that a final agreement could still take several days," according to the analysts.
They added that despite geopolitical tensions, gold prices remained nearly 15 per cent below their conflict highs as energy-driven inflation concerns strengthened expectations of prolonged tighter monetary policy by major central banks.
On the technical front, analysts said MCX Gold was trading with a cautious-to-mildly positive bias above the Rs 1,58,000 level. Immediate resistance was seen in the Rs 1,59,000-Rs 1,59,500 range, while support was placed near Rs 1,57,500.
For silver, analysts said MCX Silver continued to hold above the INR 2,71,000 mark amid volatile trade. Resistance was placed in the INR 2,74,000- INR 2,75,000 zone, while support was seen between INR 2,70,000 and INR 2,68,000.
They noted that safe-haven demand and geopolitical developments would continue to influence the direction of precious metal prices in the near term.