Mumbai, May 8 (IANS) Gold and silver prices traded higher on Friday amid renewed geopolitical tensions between the US and Iran, with precious metals surging up to 1 per cent.

On the Multi Commodity Exchange (MCX), gold futures (June 5) opened at Rs 1,52,672 per 10 grams, up Rs 411 from the previous close of Rs 1,52,261.

At around 12:20 pm, the yellow metal was trading Rs 592 or 0.38 per cent higher at Rs 1,52,853 per 10 grams. During the session so far, it touched an intraday high of Rs 1,53,103, rising Rs 842 or 0.55 per cent.

Meanwhile, silver futures (July 3) opened at Rs 2,59,999 per kg against the previous close of Rs 2,58,540, a gain of Rs 1,459 or 0.56 per cent.

The white metal was trading Rs 3,126 or 1.21 per cent higher at Rs 2,61,666 per kg. Silver touched an intraday high of Rs 2,62,723, up Rs 4,183 or 1.61 per cent.

The commodity market experts said MCX gold continues to show improving momentum after opening firmly above the Rs 1,52,000 level.

Analysts noted that a sustained move above Rs 1,53,000 could strengthen bullish sentiment and push prices towards the Rs 1,55,000–Rs 1,56,000 range. Immediate support for gold is seen between Rs 1,52,000 and Rs 1,51,600, with stronger buying support emerging near Rs 1,50,000 levels.

For silver, analysts said prices remained firm after opening with a gap-up above the Rs 2,60,000 mark. A decisive breakout above the Rs 2,64,000–Rs 2,66,000 resistance zone could extend the rally towards Rs 2,72,000–Rs 2,75,000 levels, while support is placed around Rs 2,56,000.

Precious metals also witnessed gains in international markets. COMEX gold was trading 0.28 per cent higher at $4,725 per ounce, while COMEX silver rose 0.17 per cent to $80.30 per ounce.

The rally in precious metals followed renewed tensions in West Asia after Iran accused the United States of violating the month-long ceasefire agreement, while Washington defended its actions as retaliatory following alleged attacks on American naval vessels in the Strait on Thursday.

Iran’s military claimed that US forces struck an Iranian oil tanker, another vessel and civilian locations in the Strait as well as on the Iranian mainland.

Meanwhile, US President Donald Trump said the ceasefire remained in effect and that Washington was awaiting Tehran’s response to its latest peace proposal.

Moreover, Brent crude rose 2.82 per cent to $102.89 per barrel, while US West Texas Intermediate (WTI) crude gained 4 per cent to $98.64 per barrel.

–IANS

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