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Gold and silver prices moved higher on Friday in domestic and global markets as renewed tensions between the United States and Iran increased demand for safe-haven assets.
On the Multi Commodity Exchange (MCX), gold futures for June delivery rose above Rs 1,52,800 per 10 grams during afternoon trade after opening higher earlier in the day. The metal also touched an intraday peak above Rs 1,53,000.
Silver futures for July delivery recorded stronger gains, climbing over 1 per cent to trade above Rs 2,61,000 per kilogram. During the session, silver briefly crossed the Rs 2,62,700 mark.
Commodity analysts said bullion prices remained supported by geopolitical uncertainty and rising crude oil prices.
According to market experts, gold has maintained positive momentum after holding above the Rs 1,52,000 level.
Analysts added that a sustained move beyond Rs 1,53,000 could strengthen bullish sentiment further.
Silver also continued to show strength after opening above the Rs 2,60,000 mark. Analysts said the metal could test higher resistance levels in the coming sessions if buying momentum continues.
International precious metal prices also remained firm. COMEX gold traded above $4,700 per ounce, while silver hovered near $80 per ounce.
The rally followed fresh tensions in West Asia after Iran accused the US of violating the ceasefire agreement between the two countries.
Iranian authorities alleged that American forces targeted an oil tanker and another vessel. They also accused the US of striking civilian locations near the Strait of Hormuz and inside Iranian territory.
Washington maintained that its military action was retaliatory after alleged attacks on US naval vessels in the region.
US President Donald Trump said the ceasefire remained in place and stated that the US was waiting for Iran’s response to its latest peace proposal.
Crude oil prices also surged amid the geopolitical developments. Brent crude rose above $102 per barrel, while US West Texas Intermediate crude approached the $99 mark.
Also Read: Gold, Silver Extend Gains As Oil Prices Rise And Iran-US Talks Remain Uncertain
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