MUMBAI — Gold and silver prices rose on Wednesday, gaining up to 2 percent as an extension of the ceasefire between the United States and Iran boosted investor sentiment amid ongoing global uncertainty.
On the Multi Commodity Exchange, gold contracts for June delivery climbed as much as 1.33 percent, or Rs 2,028, to an intraday high of Rs 1,53,699 per 10 grams. The metal later traded at Rs 1,53,593, up Rs 1,922, or 1.27 percent, after touching a low of Rs 1,53,052 during the session.
Silver prices also advanced, with May contracts rising more than 2 percent, or roughly Rs 6,000, to Rs 2,50,698 per kilogram. The metal had earlier slipped to an intraday low of Rs 2,48,388.
In global markets, both metals posted gains. Gold on COMEX was up 1.13 percent at $4,773.21 per ounce, while silver rose 1.97 percent to $77.99 per ounce.
Market analysts said that despite the upward movement, both metals remain in a consolidation phase with a cautious outlook.
On the MCX, gold continued to hold above Rs 1,53,000, supported by buying interest at lower levels. A sustained move above Rs 1,55,000 could push prices toward the Rs 1,57,000–1,58,000 range, while a drop below Rs 1,52,000 may trigger a correction toward Rs 1,50,000–1,48,000 levels.
Silver traded within a Rs 2,48,000–2,50,000 range, with resistance seen at Rs 2,53,000–2,55,000. A breakout above those levels could extend gains toward Rs 2,60,000–2,62,000, while a decline below Rs 2,45,000 may lead to further downside toward Rs 2,43,000–2,40,000.
Analysts attributed the rise in precious metals to heightened global uncertainty, even as geopolitical developments offered some relief.
U.S. President Donald Trump has extended the ceasefire deadline with Iran, though details on the duration and terms remain unclear. Reports also indicated that Pakistan’s Prime Minister Shehbaz Sharif and Army Chief Asim Munir urged a longer pause in hostilities to allow more time for negotiations. (Source: IANS)
