MUMBAI — Gold and silver prices moved higher on Thursday, supported by improving sentiment after remarks from U.S. President Donald Trump raised hopes of easing geopolitical tensions in West Asia.
On the Multi Commodity Exchange, gold futures for the June 5 contract rose as much as 0.67 percent, or Rs 1,042, to an intraday high of Rs 1,54,990. Silver futures climbed 1.58 percent, or Rs 3,993, to touch Rs 2,55,735 during the session.
Gold was last trading at Rs 1,54,911, up Rs 963, or 0.63 percent, after hitting an intraday low of Rs 1,54,501. Silver was at Rs 2,54,997, up Rs 3,255, or 1.3 percent, after touching a low of Rs 2,53,720 earlier in the day.
The gains came after Trump signaled potential progress toward reducing tensions in the region, including efforts to ease hostilities between Israel and Lebanon and maintain the opening of the Strait of Hormuz, a key global shipping route.
Market participants said the outlook for precious metals remains cautiously positive, supported by broader macroeconomic factors, though a sustained rally would require stronger confirmation.
“Gold is trading in the Rs 1,54,500 to Rs 1,55,000 range with buying interest at lower levels,” a commodities analyst said. “A sustained move above Rs 1,55,000 could push prices toward Rs 1,57,000 to Rs 1,58,000, while a drop below Rs 1,54,000 may trigger a correction toward Rs 1,52,000 to Rs 1,51,000, and potentially Rs 1,48,000.”
For silver, analysts noted that prices remain supported above Rs 2,54,000, driven by safe-haven demand and strength in industrial metals. Resistance is seen in the Rs 2,60,000 to Rs 2,63,000 range, with potential upside toward Rs 2,68,000 to Rs 2,70,000.
On the downside, a break below Rs 2,50,000 could lead to a pullback toward Rs 2,44,000 to Rs 2,40,000.
In a post on Truth Social, Trump said efforts were underway to create “a little breathing room between Israel and Lebanon,” adding that talks between the two sides were expected soon.
He also said China supported the continued opening of the Strait of Hormuz, noting that Beijing had agreed not to send weapons to Iran.
The developments have helped lift sentiment in precious metals, which typically benefit from geopolitical uncertainty and shifts in global risk appetite. (Source: IANS)
