Gold, silver rise up to 2 pc amid US-Iran ceasefire extension

MUMBAI — Gold and silver prices showed positive momentum on Wednesday over an extension of the ceasefire between the US and Iran, with both precious metals rising up to 2 per cent.

On the Multi Commodity Exchange (MCX), gold contracts for June 5 hit an intra-day high of INR 1,53,699 per 10 grams, up 1.33 per cent or INR 2,028. During the session, gold touched a low of INR 1,53,052 and was last trading at INR 1,53,593, up INR 1,922 or 1.27 per cent.

Silver contracts for May 5 rose over 2 per cent, or about INR 6,000, to INR 2,50,698 per kg. The metal hit an intraday low of INR 2,48,388.

In international markets, both metals were trading higher. Gold on COMEX was up 1.13 per cent at $4,773.21 per ounce, while silver gained 1.97 per cent to $77.99 per ounce.

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Market experts said that despite the recent gains, both metals remain range-bound with a cautious bias.

On MCX, gold was holding above INR 1,53,000 with emerging buying interest at lower levels, but continued to trade within a consolidation phase. A sustained move above INR 1,55,000 could push prices towards INR 1,57,000–1,58,000, while a break below INR 1,52,000 may trigger a correction towards INR 1,50,000–1,48,000 levels.

Silver was trading in the INR 2,48,000–2,50,000 range, with resistance seen at INR 2,53,000–2,55,000. A breakout above these levels could extend gains towards INR 2,60,000–2,62,000, while a drop below INR 2,45,000 may lead to further downside towards INR 2,43,000–2,40,000.

The rise in gold and silver prices was attributed to increasing global uncertainty.

Meanwhile, US President Donald Trump has extended the deadline for the ceasefire between the US and Iran, although the duration and terms of the extension remain unclear.