Mumbai: Gold and silver prices rose on Thursday even after US President Donald Trump’s remarks on easing geopolitical tensions and the opening of the Strait of Hormuz.
On the Multi Commodity Exchange (MCX), gold futures (June 5 contract) climbed as much as 0.67 per cent or Rs 1,042 to hit an intraday high of Rs 1,54,990 by 10.57 a.m.
Silver futures also jumped up to 1.58 per cent or Rs 3,993 to Rs 2,55,735, logging an intraday high.
The yellow metal was trading at Rs 1,54,911, up Rs 963 or 0.63 per cent, after touching an intraday low of Rs 1,54,501, up 0.35 per cent or Rs 553. The white metal was trading at Rs 2,54,997, up Rs 3,255 or 1.3 per cent, after hitting an intraday low of Rs 2,53,720, up 0.78 per cent or Rs 1,978.
The surge in precious metals comes after Trump hinted at hopes of an end to the West Asia conflict.
According to commodities experts, sentiment remains mildly positive, with macroeconomic factors offering support, although momentum is still developing and would require confirmation for a sustained uptrend.
“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, the analysts noted that MCX silver is hovering 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 upside potential towards Rs 2,68,000–Rs 2,70,000.
On the downside, a break below Rs 2,50,000 may lead to a correction towards Rs 2,44,000–Rs 2,40,000, they added.
Trump, posting on Truth Social, 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,” he said.
(IANS)
