Mumbai, May 25 (IANS) Gold and silver prices traded higher on Monday, rising up to nearly 2 per cent, supported by a weaker US dollar and softer crude oil prices as investors assessed prospects of progress in US-Iran peace negotiations.

On the Multi Commodity Exchange (MCX), gold futures (June 5) were trading 0.36 per cent or Rs 566 higher at Rs 1,59,245 at 10:48 am.

The yellow metal touched an intraday high of Rs 1,59,500, up 0.51 per cent or Rs 821 from the previous close of Rs 1,58,679. It recorded an intraday low of Rs 1,59,014, reflecting a gain of 0.21 per cent or Rs 335.

Meanwhile, silver futures (July 3) traded higher, surging nearly 2 per cent or Rs 5,400 to hit an intraday high of Rs 2,77,245 so far.

At the last count, the white metal was trading at Rs 2,76,427, up 1.7 per cent or Rs 4,581. It recorded an intraday low of Rs 2,75,428, still higher by 1.31 per cent or Rs 3,582.

Silver and gold had earlier opened at Rs 2,76,683 and Rs 1,59,150, respectively, on the commodity exchange.

According to commodity market experts, MCX gold continued to trade above the Rs 1,59,000 mark with a cautious-to-mildly positive bias.

“Immediate resistance is seen in the Rs 1,59,500-Rs 1,60,000 range, while a sustained breakout could push prices towards Rs 1,61,000. On the downside, support is placed around the Rs 1,58,000-Rs 1,57,500 levels,” they said.

They further said that MCX silver was also holding firm above the Rs 2,76,000 mark amid ongoing volatility, adding that a sustained move above Rs 2,77,000 may support further recovery towards the Rs 2,79,000-Rs 2,80,000 zone, while support is seen near Rs 2,73,000.

“Safe-haven demand and geopolitical developments continue to influence the direction of precious metals,” the experts noted.

In the international market too, precious metals traded higher, with COMEX gold rising 0.75 per cent to $4,557.30 per ounce. COMEX silver was trading over 2 per cent higher at $78.015.

In addition, global crude oil prices declined sharply, with international benchmark Brent crude falling 6 per cent to $97.16 a barrel, while US West Texas Intermediate (WTI) crude tanked more than 6 per cent to $90.33.

–IANS

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