Gold and silver prices are anticipated to increase during Tuesday’s evening session due to optimism surrounding the de-escalation of tensions in West Asia. Spot gold surged by 2.39% to $4,619.14 per ounce, while US gold futures for June delivery rose by 2% to $4,649.26, following global trends.
Similarly, spot silver saw a significant rise of 4.82% to $73.48 per ounce, with COMEX silver trading at $73.705, up by 4.44% from the previous close. In the domestic market, MCX gold futures for June 5 closed at Rs 1,47,450, experiencing a slight decline of 0.15%, while MCX silver futures for May 5 ended flat at Rs 2,29,033, up by 0.03%.
Despite the recent surge, gold is on track for its largest monthly drop in over 17 years, attributed to high energy prices impacting expectations of a US interest rate cut. Market sentiment improved following reports suggesting US President Donald Trump’s willingness to halt military actions against Iran, potentially fostering a positive outlook in global financial markets.
