Gold, Silver Extend Gains As Oil Prices Rise And Iran-US Talks Remain Uncertain

Prices of gold and silver moved higher on Thursday in both domestic and international markets, supported by rising crude oil prices and continued uncertainty over negotiations between the United States and Iran.

On the Multi Commodity Exchange (MCX), gold futures for June delivery climbed nearly 0.5 per cent during morning trade to touch an intraday high of Rs 1,52,887 per 10 grams. The contract had earlier slipped to a low of Rs 1,52,400.

Silver futures for July delivery recorded sharper gains, rising close to 1.5 per cent to reach an intraday high of Rs 2,57,055 per kilogram. The metal opened the session higher and later touched a low of Rs 2,54,722 before recovering.

Commodity analysts said investor interest in precious metals remained firm because of geopolitical tensions and safe-haven buying.

According to market experts, uncertainty surrounding discussions between the United States and Iran has continued to support demand for gold and silver globally.

Reports indicate that Washington has sought commitments from Tehran regarding its nuclear programme and reopening of the Strait of Hormuz.

Iranian officials have said they are reviewing the proposal, while US President Donald Trump recently stated that he believes Iran is interested in reaching an agreement.

Analysts also linked the rally in precious metals to weakness in the US dollar index, which remained below the 98 level during trading.

In overseas markets, COMEX gold traded above $4,700 per ounce, while silver prices rose beyond $78 per ounce.

Crude oil prices also remained elevated. Brent crude traded above $102 per barrel, while US West Texas Intermediate crude moved close to $96.5 per barrel, adding to concerns over global uncertainty and supporting safe-haven assets such as gold and silver.

Also Read: Oil Prices Retreat Despite Renewed Tensions In Strait Of Hormuz