New Delhi — Gold and silver futures traded higher Monday as crude oil prices declined and signs of progress emerged from U.S.-Iran peace talks.
On the Multi Commodity Exchange, gold futures for Aug. 5 delivery rose Rs 615, or 0.42 percent, to Rs 1,47,818 per 10 grams at about 10:26 a.m.
Gold reached an intraday high of Rs 1,47,987, up Rs 784, or 0.53 percent, from the previous close. It fell as low as Rs 1,45,110 during the session after opening at that level. The contract had closed at Rs 1,47,203 in the previous session.
Silver futures for July 3 delivery gained Rs 2,139, or 0.92 percent, to trade at Rs 2,35,324 per kilogram, compared with the previous close of Rs 2,33,185.
Silver touched an intraday high of Rs 2,37,106, up Rs 3,921, or 1.68 percent, and a low of Rs 2,34,296. The contract opened at Rs 2,37,088 per kilogram.
Precious metals moved lower in international markets. COMEX silver declined nearly 1 percent to $65.63 per ounce, while COMEX gold fell about 1 percent to $4,198.80 per ounce.
Commodity analysts said domestic gold prices recovered amid progress in U.S.-Iran peace negotiations, although gains were limited by the U.S. dollar trading near a 13-month high.
Analysts said MCX gold continued to show a moderately bearish trend, with support between Rs 1,42,800 and Rs 1,44,250. Resistance was placed at Rs 1,49,750 and Rs 1,51,100.
Silver remained under pressure despite a volatile start to the week. Analysts identified support between Rs 2,28,150 and Rs 2,31,400, with resistance between Rs 2,41,000 and Rs 2,44,900.
The gold-silver ratio was around 63.6 to 1, indicating that silver continued to underperform gold, according to analysts.
In energy markets, Brent crude fell more than 2 percent to about $79 per barrel, while U.S. West Texas Intermediate crude declined 3 percent to approximately $75 per barrel. (Source: IANS)
