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Gold and silver prices recorded gains on Monday, supported by softer crude oil prices and growing optimism surrounding diplomatic discussions between the United States and Iran.
Gold futures for August delivery on the MCX increased by ₹615, or 0.42 per cent, to ₹1,47,818 per 10 grams during morning trading.
During the session, gold futures climbed to an intraday high of ₹1,47,987.
Earlier in the day, the metal had fallen to a low of ₹1,45,110 before recovering.
Silver futures for July delivery also moved higher, rising ₹2,139, or 0.92 per cent, to ₹2,35,324 per kilogram. The white metal surged to an intraday high of ₹2,37,106 after opening at ₹2,37,088 per kilogram.
While domestic markets remained firm, international precious metal prices moved lower.
Gold on COMEX slipped by about 1 per cent to $4,198.80 per ounce, whereas silver on COMEX traded nearly 1 per cent lower at $65.63 per ounce.
Commodity analysts attributed the rebound in gold prices to encouraging developments in US-Iran talks, which helped improve investor confidence. The continued strength of the US dollar prevented a stronger rally.
Market observers stated that MCX gold continues to show a mildly negative technical outlook. They identified support between ₹1,44,250 and ₹1,42,800, while resistance is expected around ₹1,49,750 and ₹1,51,100.
Silver, meanwhile, remains susceptible to volatility despite the day’s upward move. Analysts placed support in the ₹2,31,400–₹2,28,150 range and resistance between ₹2,41,000 and ₹2,44,900.
Experts also pointed to a gold-to-silver ratio of approximately 63.6:1, suggesting that silver has lagged behind gold in recent trading.
Crude oil prices continued to decline in international markets.
Brent crude dropped by more than 2 per cent to trade near $79 per barrel, while US benchmark WTI crude fell almost 3 per cent to around $75 per barrel, helping reinforce demand for precious metals.
Also Read: Crude Oil Prices Fall Up To 3% As US-Iran Talks Ease Supply Concerns
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