Gold, Silver Rise Climb As West Asia Tensions Lift Oil And Market Uncertainty

Gold and silver prices moved higher on Thursday, supported by rising crude oil prices and escalating tensions in West Asia, which have increased global market uncertainty.

On the Multi Commodity Exchange, gold futures for 5 June began the session at Rs 1,49,499 per 10 grams, registering a modest gain over the previous close.

As trading progressed, prices strengthened further, with gold hovering around Rs 1,50,770 by early afternoon. During the day, it briefly surged past Rs 1,51,500 before retreating from peak levels.

Silver also followed a similar trajectory. Contracts for 3 July opened higher at Rs 2,40,784 per kilogram. Although prices eased slightly later in the session, the metal remained in positive territory after touching an intra-day high of Rs 2,44,000.

Analysts indicate that despite the upward movement, the near-term outlook for both metals remains cautious. Factors such as currency movements, geopolitical developments, and broader macroeconomic signals continue to shape investor sentiment.

International markets reflected a steady trend, with gold on COMEX trading marginally higher, while silver recorded moderate gains.

The recent rise in bullion prices is largely linked to ongoing friction between Iran and the United States, which has contributed to volatility across global markets.

Statements from US President Donald Trump regarding continued restrictions tied to Iran’s nuclear programme have added to the uncertainty, even as diplomatic signals remain inconclusive.

Over a longer period, the rally has been significant. Gold prices have climbed more than 40 per cent over the past year, while silver has recorded gains exceeding 120 per cent, reflecting sustained investor interest in safe-haven assets.

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