Daijiworld Media Network - Mumbai
Mumbai, May 9: Gold and silver prices moved sharply higher on Friday as rising geopolitical tensions between the United States and Iran boosted demand for safe-haven assets in both domestic and international markets.
On the Multi Commodity Exchange (MCX), gold futures for June delivery opened at Rs 1,52,672 per 10 grams, registering an increase of Rs 411 from the previous close of Rs 1,52,261.
By around midday, gold prices had climbed further to Rs 1,52,853 per 10 grams, up Rs 592 or 0.38 per cent. During intraday trading, the precious metal touched a high of Rs 1,53,103, marking a rise of Rs 842 from the earlier close.
Silver futures for July delivery also witnessed strong gains. The metal opened at Rs 2,59,999 per kilogram compared to the previous settlement of Rs 2,58,540, gaining Rs 1,459.
Later in the session, silver was trading at Rs 2,61,666 per kilogram, higher by Rs 3,126 or 1.21 per cent. The metal also hit an intraday peak of Rs 2,62,723, reflecting a jump of Rs 4,183.
Market analysts said gold prices on MCX showed renewed strength after maintaining levels above Rs 1,52,000. Experts noted that if prices sustain above Rs 1,53,000, bullish momentum could intensify and push gold towards the Rs 1,55,000 to Rs 1,56,000 range in the near term.
Technical analysts identified immediate support for gold between Rs 1,52,000 and Rs 1,51,600, while stronger buying interest is expected near the Rs 1,50,000 mark.
Silver also remained firm after opening above the important Rs 2,60,000 level. Analysts believe that a breakout beyond the Rs 2,64,000–Rs 2,66,000 resistance zone could trigger a fresh rally towards Rs 2,72,000–Rs 2,75,000 levels. Key support for silver is currently seen near Rs 2,56,000.
Global bullion markets also reflected positive momentum. COMEX gold traded about 0.28 per cent higher at $4,725 per ounce, while COMEX silver gained 0.17 per cent to reach $80.30 per ounce.
The rise in precious metal prices followed fresh tensions in West Asia after Iran accused the US of violating a month-long ceasefire agreement. Washington, however, defended its actions as retaliatory measures following alleged attacks on American naval vessels in the Strait on Thursday.
Iranian military officials claimed that US forces targeted an Iranian oil tanker, another vessel and civilian sites both in the Strait and inside Iranian territory.
Meanwhile, US President Donald Trump stated that the ceasefire agreement was still active and said the US was awaiting Iran’s response to a new peace proposal.
Crude oil prices also surged amid the escalating tensions. Brent crude rose 2.82 per cent to $102.89 per barrel, while US West Texas Intermediate (WTI) crude advanced 4 per cent to $98.64 per barrel.