NEW DELHI — Gold and silver traded higher Thursday morning, supported by a weaker dollar and geopolitical uncertainty in West Asia as investors monitored developments surrounding a possible diplomatic breakthrough between the United States and Iran.
On the Multi Commodity Exchange, gold futures for August delivery were trading 533 rupees, or 0.35%, higher at 159,052 rupees per 10 grams as of 11:28 a.m.
Gold rose as much as 981 rupees, or 0.61%, to an intraday high of 159,500 rupees. It touched an intraday low of 158,701 rupees, still up 182 rupees, or 0.11%, from the previous close.
Silver futures for July delivery rose as much as 1,366 rupees, or 0.51%, to an intraday high of 264,324 rupees per kilogram. However, silver later traded at 262,317 rupees, down 641 rupees, or 0.24%, during the session. It recorded an intraday low of 262,081 rupees, down 877 rupees, or 0.33%.
Earlier in the day, gold opened on the MCX at 159,366 rupees per 10 grams, while silver opened at 263,146 rupees per kilogram.
Analysts said safe-haven demand and geopolitical uncertainty continue to support precious metals, though a sustained move above key resistance levels would be needed to strengthen the bullish outlook.
They placed resistance for MCX gold at around 157,300 to 157,400 rupees, while silver faces resistance near 266,000 to 267,000 rupees.
Recent military developments kept investor sentiment cautious after the U.S. military said Iranian missile attacks targeting Bahrain, Kuwait and other regional locations were either intercepted or failed.
Crude oil prices declined more than 1%, with international benchmark Brent crude trading at $96.50 per barrel. U.S. West Texas Intermediate crude was trading at $94.76 per barrel. (Source: IANS)
