Gold and silver prices gain up to 1 pc as geopolitical concerns intensify

Mumbai, May 12 : Gold and silver prices traded higher on Tuesday, with both precious metals witnessing gains of up to 1 per cent amid rising global uncertainty.

On the Multi Commodity Exchange (MCX), gold futures (June 5) opened at Rs 1,53,999 per 10 grams, up Rs 336 or 0.22 per cent from the previous close of Rs 1,53,663.

At around 10:25 am, gold was trading at Rs 1,53,808, higher by Rs 145 or 0.09 per cent. The yellow metal touched an intraday high of Rs 1,54,243, up Rs 580 or 0.37 per cent, while the intraday low stood at Rs 1,53,771, higher by Rs 108 or 0.07 per cent.

On the other hand, silver futures (July 3) opened at Rs 2,80,229 per kg on MCX, rising Rs 1,988 or 0.70 per cent from the previous close of Rs 2,78,311.

The white metal touched an intraday high of Rs 2,82,755, up Rs 4,444 or 1.6 per cent. It also touched an intraday low of Rs 2,79,244, higher by Rs 933 or 0.33 per cent.

According to commodity market experts, precious metals’ near-term bias remains cautiously bullish amid ongoing geopolitical tensions.

The experts added that immediate resistance for gold stands in the Rs 1,54,750–Rs 1,55,000 range, and a sustained move above this level could extend the rally towards Rs 1,55,500–Rs 1,56,000.

“On the downside, Rs 1,53,000 acts as immediate support, while a failure to hold above this level could drag prices back into the Rs 1,51,500–Rs 1,53,500 consolidation zone,” they said.

For silver, immediate resistance stands at Rs 2,84,000–Rs 2,85,000, and a sustained move above this level could extend the rally towards Rs 2,87,000, with a possible test of Rs 2,90,000 if bullish momentum persists, they added.

“On the downside, Rs 2,77,000 acts as immediate support, with Rs 2,75,000 and Rs 2,71,000 serving as stronger bases if momentum weakens,” the experts noted.

In the international market as well, precious metals traded in the green. COMEX gold was trading at $4,733 per ounce, up 0.08 per cent, while COMEX silver gained 1.05 per cent to $86 per ounce.

Geopolitical tensions escalated again after US President Donald Trump rejected Iran’s peace proposal, renewing concerns over global stability.