Gold, Silver Shine As Weak Dollar Boosts Precious Metals Rally

Gold and silver prices traded higher on Monday, rising by up to nearly 2 per cent as a weaker US dollar and sharply lower crude oil prices supported demand for precious metals.

Investors closely monitored developments surrounding possible progress in US-Iran peace negotiations, which influenced sentiment across global commodity markets.

On the Multi Commodity Exchange (MCX), gold futures for June delivery rose by 0.36 per cent or ₹566 to trade at ₹1,59,245 during morning trade.

The yellow metal touched an intraday high of ₹1,59,500, gaining 0.51 per cent from the previous close, while the day’s low stood at ₹1,59,014.

Silver futures for July delivery also witnessed strong gains, climbing nearly 2 per cent during intraday trade.

The white metal surged by over ₹5,400 to hit an intraday high of ₹2,77,245. At the last count, silver traded at ₹2,76,427, up 1.7 per cent or ₹4,581 from the previous close.

Gold opened at ₹1,59,150 and silver at ₹2,76,683 on the MCX, with both metals trading higher amid positive market sentiment.

Analysts said gold may rise towards ₹1,61,000 if it sustains above key resistance levels, while silver could move towards ₹2,80,000 if momentum continues.

Experts added that safe-haven demand and global geopolitical developments continue to support precious metal prices.

Global crude oil prices declined sharply amid hopes of easing tensions in West Asia.

Brent crude fell nearly 6 per cent to around 97 dollars per barrel, while US West Texas Intermediate crude slipped more than 6 per cent to nearly 90 dollars per barrel.

Also Read: Crude Oil Prices Fall Below $100 As US-Iran Talks Boost Market Hopes