Daijiworld Media Network - Mumbai
Mumbai, May 25: Gold and silver prices moved higher on Monday, gaining up to nearly 2 per cent in domestic and international markets as investors turned towards safe-haven assets amid softer crude oil prices and ongoing developments in US-Iran peace negotiations.
On the Multi Commodity Exchange (MCX), gold futures for June delivery rose by Rs 566, or 0.36 per cent, to trade at Rs 1,59,245 during the morning session.
The yellow metal touched an intraday high of Rs 1,59,500, gaining over 0.5 per cent from the previous close, while the day’s low stood at Rs 1,59,014, still maintaining positive momentum.
Silver prices also witnessed strong buying interest. MCX silver futures for July delivery surged nearly 2 per cent, climbing by around Rs 5,400 to hit an intraday high of Rs 2,77,245.
At the last count, silver was trading at Rs 2,76,427, up 1.7 per cent or Rs 4,581. Despite some volatility during the session, the metal continued to hold firmly above the Rs 2.75 lakh mark.
Market experts said gold prices remained cautiously positive above Rs 1.59 lakh levels, with immediate resistance seen in the Rs 1,59,500 to Rs 1,60,000 range. Analysts noted that a sustained breakout could potentially push prices towards Rs 1,61,000, while key support is expected around Rs 1,58,000 to Rs 1,57,500.
For silver, experts said prices are maintaining strength above Rs 2,76,000 despite market fluctuations. A sustained rise above Rs 2,77,000 could open the path towards the Rs 2,79,000–Rs 2,80,000 zone, while support is likely near Rs 2,73,000.
Analysts attributed the rally in precious metals to persistent safe-haven demand, a weaker US dollar, and geopolitical uncertainties linked to developments in West Asia.
In international markets, COMEX gold gained 0.75 per cent to trade at $4,557.30 per ounce, while COMEX silver rose more than 2 per cent to $78.015.
Meanwhile, global crude oil prices witnessed a sharp decline. Brent crude fell around 6 per cent to $97.16 per barrel, while US West Texas Intermediate (WTI) crude dropped more than 6 per cent to $90.33 per barrel, further influencing commodity market sentiment.