Gold and silver prices rise amid West Asia tensions

Gold and silver prices rose on Thursday amid rising crude oil prices and growing tensions in West Asia. Gold crossed Rs 1.50 lakh on MCX during intra-day trade, while silver also gained strongly as investors reacted to global uncertainty and geopolitical developments

Mumbai: Gold and silver prices rose on Thursday amid surging crude oil prices driven by the West Asia conflict, gaining up to about 2 per cent.

On the Multi Commodity Exchange (MCX), gold contracts for June 5 opened at Rs 1,49,499 per 10 grams, up Rs 449 or 0.30 per cent, from the previous close of Rs 1,49,050.

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At around 1 pm, gold was trading at Rs 1,50,770, up Rs 1,720 or 1.15 per cent. During the session, the yellow metal touched an intra-day high of Rs 1,51,514 (up Rs 2,464 or 1.65 per cent) and a low of Rs 1,49,069.

Silver contracts for July 3 opened at Rs 2,40,784 per kg, rising Rs 2,530 or 1.06 per cent from the previous close of Rs 2,38,254.

At the time of filing, silver was trading at Rs 2,38,900, up Rs 646 or 0.27 per cent. During the session, it hit a high of Rs 2,44,000 (up Rs 5,746 or 2.41 per cent) and a low of Rs 2,38,755 (up Rs 501 or 0.21 per cent).

According to a commodity market expert, the near-term outlook for both gold and silver remains cautious to bearish, influenced by geopolitical developments, dollar strength and broader macroeconomic uncertainty.

Global markets also reflected a similar trend, with gold on COMEX trading marginally higher by 0.05 per cent at $4,563 per ounce, while silver gained 0.43 per cent to $72.40 per ounce.

The rise in gold prices is attributed to ongoing tensions between Iran and the United States, which have heightened global uncertainty.

US President Donald Trump has said the blockade will not be lifted until Iran reaches an agreement on its nuclear programme, while Iran has shown no signs of backing down despite offering proposals for peace.

Amid the global uncertainty, gold prices have surged over 40 per cent in the past year, while silver has jumped more than 120 per cent.