Gold and silver prices edged higher on Thursday, supported by improved sentiment following remarks by US President Donald Trump on easing geopolitical tensions in West Asia and developments around the Strait of Hormuz.
On the Multi Commodity Exchange (MCX), gold futures for the June 5 contract rose by up to 0.67 per cent, or Rs 1,042, to touch an intraday high of Rs 1,54,990.
Silver futures also gained sharply, rising as much as 1.58 per cent, or Rs 3,993, to hit Rs 2,55,735 during the session. Gold was trading at Rs 1,54,911, up Rs 963 or 0.63 per cent, while silver stood at Rs 2,54,997, gaining Rs 3,255 or 1.3 per cent.
Both metals witnessed steady buying interest after touching lower levels earlier in the day.
The rise in precious metals comes amid expectations of a potential de-escalation in the West Asia conflict, which has supported safe-haven demand.
According to commodity experts, sentiment remains mildly positive, backed by macroeconomic factors, although a sustained uptrend would require further confirmation.
Analysts noted that gold is currently trading in the Rs 1,54,500–Rs 1,55,000 range, with buying interest at lower levels.
A move above Rs 1,55,000 could push prices higher, while a drop below Rs 1,54,000 may trigger a correction.
For silver, analysts said prices are holding above Rs 2,54,000, supported by both safe-haven demand and strength in industrial metals.
Resistance is seen at higher levels, while a decline below Rs 2,50,000 could lead to a correction.
Trump, in a post, said efforts are underway to create ‘breathing room’ between Israel and Lebanon, with talks expected soon, further boosting market confidence.
Also Read: Gold Prices Flat, Silver Gains As US-Iran Tension Easing Balances Market Sentiment
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