NEW DELHI — Gold and silver prices moved higher Thursday as crude oil prices rose and uncertainty continued around a possible U.S.-Iran peace deal.
On the Multi Commodity Exchange, June 5 gold futures traded as high as Rs 1,52,887, up 0.49 percent, or Rs 755, as of 10:49 a.m. Gold touched an intraday low of Rs 1,52,400.
Silver futures for July 3 rose 1.49 percent, or Rs 3,790, to Rs 2,57,055 after reaching an intraday high. The contract opened at Rs 2,54,998, up 0.68 percent, or Rs 1,733, and touched an intraday low of Rs 2,54,722.
Commodity market experts said the near-term outlook for precious metals remains positive, supported by safe-haven demand and geopolitical uncertainty.
Precious metals also traded higher in international markets. COMEX gold rose 0.21 percent to $4,703 an ounce, while silver gained 1.12 percent to $78.17 an ounce.
The gains were supported by weakness in the dollar index, which was trading below the 98 mark.
Broader global uncertainty also helped lift precious metals. The United States and Iran are continuing talks aimed at ending the ongoing conflict, with reports indicating that Washington has asked Tehran to halt its nuclear program and reopen the Strait of Hormuz.
Iran’s Foreign Ministry said Tehran would respond to the proposal, while U.S. President Donald Trump said he believes Iran wants a deal.
Oil prices also moved higher. Brent crude traded at $102.50 a barrel, up 1.21 percent, while U.S. West Texas Intermediate crude rose 1.47 percent to $96.48 a barrel. (Source: IANS)
