MUMBAI — Gold and silver prices traded largely flat Monday as rising crude oil prices and reports of a fresh Iranian proposal to ease tensions with the United States tempered momentum in precious metals.
On the Multi Commodity Exchange, gold futures for the June 5 contract were at Rs 1,52,410 per 10 grams, down 0.19 percent, or Rs 290, from the previous close of Rs 1,52,699. During the session, gold touched an intraday high of Rs 1,53,008, up 0.20 percent, or Rs 309.
Silver futures for the May 5 contract were trading at Rs 2,43,200, down Rs 1,436, or 0.6 percent. The metal hit an intraday high of Rs 2,45,473, up 0.34 percent, or Rs 837, and a low of Rs 2,43,009, down 0.66 percent, or Rs 1,627.
Analysts said precious metals are trading with a cautious bias, with prices largely influenced by key technical levels amid ongoing geopolitical uncertainty.
On COMEX, gold is holding above the $4,700–$4,680 support range, with further downside possible below $4,650, while a sustained move above $4,750–$4,800 could push prices toward $4,900, according to market experts.
On the domestic exchange, gold is hovering near Rs 1,52,500, with resistance seen around Rs 1,54,000 and support near Rs 1,50,000.
Silver is also showing a cautious tone, with volatility remaining elevated due to geopolitical developments, keeping the near-term outlook range-bound, analysts said.
In international markets, both metals were mostly unchanged. On COMEX, gold edged up 0.02 percent to $4,742 per ounce, while silver slipped 0.05 percent to $76 per ounce.
Tensions in the Middle East remain elevated, although Iran has reportedly proposed a fresh peace initiative to the United States aimed at reopening the Strait of Hormuz and easing the conflict.
Despite the muted trading, both metals have delivered strong returns over the past year. Gold has risen more than 40 percent in dollar terms over the past year and over 18 percent in the last six months.
Silver has more than doubled investors’ returns over the past year and gained more than 60 percent in the past six months.
Meanwhile, Brent crude rose more than 2 percent to $107.77, while U.S. West Texas Intermediate crude climbed 2.41 percent to $96.68. (Source: IANS)
