Gold, Silver Prices Rise As Weaker Dollar Boosts Safe-Haven Demand

Gold and silver traded higher on Thursday morning, supported by a weaker US dollar and ongoing geopolitical uncertainty in West Asia.

Investor sentiment remained cautious as markets tracked developments surrounding a possible diplomatic breakthrough between the United States and Iran.

On the Multi Commodity Exchange (MCX), gold futures for August delivery rose 0.35 per cent, or ₹533, to ₹1,59,052 per 10 grams by late morning trade.

The yellow metal touched an intraday high of ₹1,59,500 after gaining as much as 0.61 per cent during the session. It also recorded an intraday low of ₹1,58,701, remaining above the previous closing level.

Silver futures for July delivery also moved higher during early trade, climbing as much as 0.51 per cent, or ₹1,366, to an intraday high of ₹2,64,324 per kilogram.

The metal later pared gains and traded at ₹2,62,317 per kilogram during the session.

Both precious metals opened higher on the MCX, with gold starting at ₹1,59,366 per 10 grams and silver opening at ₹2,63,146 per kilogram.

Market analysts attributed the gains to continued safe-haven demand amid geopolitical risks and uncertainty in global markets.

Analysts said safe-haven demand continues to support gold and silver prices, though both metals face key resistance levels.

Investor sentiment remained cautious amid tensions in West Asia, while crude oil prices fell over one per cent, with Brent crude at $96.50 per barrel and WTI at $94.76 per barrel.

Also Read: Brent, WTI Crude Oil Prices Fall As Markets Assess West Asia Developments