New Delhi: Precious metal prices strengthened up to 1% on Thursday, with gold and silver gaining amid rising crude oil rates and continued uncertainty over diplomatic developments between the US and Iran.
On the Multi Commodity Exchange (MCX), gold futures (June 5) traded at an intraday high of Rs 1,52,887, up 0.49 per cent or Rs 755, as of 10:49 am. The yellow metal touched an intraday low of Rs 1,52,400.
Meanwhile, silver futures (July 3) were trading 1.49 per cent or Rs 3,790 higher at Rs 2,57,055 after hitting an intraday high. The white metal began the session at Rs 2,54,998 on the MCX, up 0.68 per cent or Rs 1,733. It touched an intraday low of Rs 2,54,722.
According to commodity market experts, the near-term outlook for precious metals remains positive amid improving sentiment and continued safe-haven demand driven by geopolitical uncertainties.
In the international market as well, precious metals were trading in the green. COMEX gold was up 0.21 per cent at $4,703 per ounce, while silver gained 1.12 per cent to trade at $78.17 per ounce.
The rise in gold and silver prices is being attributed to weakness in the dollar index, which is currently trading below the 98 mark.
On the other hand, global uncertainty is also supporting gains in precious metals. The US and Iran are continuing talks aimed at ending the ongoing conflict.
Reports suggest that the US has asked Iran to halt its nuclear programme and reopen the Strait of Hormuz.
Meanwhile, the Iranian Foreign Ministry said Tehran would respond to the proposal. However, US President Donald Trump said he believes Iran wants a deal.
Additionally, the international oil benchmark Brent crude traded at $102.50 per barrel, up 1.21 per cent, while US West Texas Intermediate (WTI) rose 1.47 per cent to $96.48 per barrel.
More Commodity Markets News on www.mediaeyenews.com
–IANS
