MUMBAI — Gold and silver prices rose Thursday as surging crude oil prices and escalating tensions in West Asia boosted demand for safe-haven assets.
On the Multi Commodity Exchange, gold contracts for June 5 opened at Rs 1,49,499 per 10 grams, up Rs 449, or 0.30 percent, from the previous close of Rs 1,49,050.
By around 1 p.m., gold was trading at Rs 1,50,770, up Rs 1,720, or 1.15 percent. During the session, the metal touched an intraday high of Rs 1,51,514 and a low of Rs 1,49,069.
Silver contracts for July 3 opened at Rs 2,40,784 per kilogram, rising Rs 2,530, or 1.06 percent, 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 percent. During the session, silver hit a high of Rs 2,44,000 and a low of Rs 2,38,755.
Commodity market analysts said the near-term outlook for both metals remains cautious to bearish, with prices likely to be influenced by geopolitical developments, dollar strength and broader macroeconomic uncertainty.
Global markets also moved higher. On COMEX, gold was trading 0.05 percent higher at $4,563 an ounce, while silver rose 0.43 percent to $72.40 an ounce.
The rally was driven by heightened uncertainty linked to tensions between Iran and the United States. U.S. President Donald Trump has said the blockade will not be lifted until Iran reaches an agreement on its nuclear program, while Iran has shown no signs of backing down despite offering peace proposals.
The latest move comes after a sharp run-up in precious metals over the past year. Gold prices have risen more than 40 percent, while silver has climbed more than 120 percent, supported by geopolitical risk, inflation concerns and strong investor demand for hard assets. (Source: IANS)
