New Delhi, June 4 (IANS) Gold and silver traded higher in morning trade on Thursday, supported by a weaker dollar and geopolitical uncertainty in West Asia, as investors continued to track developments surrounding a possible diplomatic breakthrough between the US and Iran.

On the Multi Commodity Exchange (MCX), gold futures for August delivery were trading 0.35 per cent or Rs 533 higher at Rs 1,59,052 per 10 grams as of 11:28 am.

The yellow metal rose as much as 0.61 per cent or Rs 981 to touch an intraday high of Rs 1,59,500. It also hit an intraday low of Rs 1,58,701, up 0.11 per cent or Rs 182 from the previous close.

On the other hand, silver futures for July delivery rose up to 0.51 per cent or Rs 1,366 to touch an intraday high of Rs 2,64,324 per kg.

However, the white metal was trading at Rs 2,62,317, down Rs 641 or 0.24 per cent during the session. It recorded an intraday low of Rs 2,62,081, down 0.33 per cent or Rs 877.

Earlier in the day, gold and silver opened on the MCX at Rs 1,59,366 per 10 grams and Rs 2,63,146 per kg, respectively.

Analysts said safe-haven demand and geopolitical uncertainty continue to support precious metals, although a sustained breakout above key resistance levels would be required to strengthen the bullish outlook.

They see resistance for MCX gold around Rs 1,57,300-1,57,400, while silver faces resistance near Rs 2,66,000-2,67,000.

Recent military developments kept investor sentiment cautious after the US military said Iranian missile attacks targeting Bahrain, Kuwait and other regional locations were either intercepted or failed.

Meanwhile, crude oil prices declined over 1 per cent, with international benchmark Brent crude trading at $96.50 per barrel. Similarly, US West Texas Intermediate (WTI) crude was trading at $94.76 per barrel.

–IANS

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