Gold and silver prices remained stable on Monday as crude oil prices surged and Iran proposed a new plan to ease tensions with the US, hinting at potential de-escalation in the Middle East. On the Multi Commodity Exchange (MCX), gold futures for June were at Rs 1,52,410 per 10 grams, slightly down from the previous close.
By 11:00 A.M., gold reached an intraday high of Rs 1,53,008, while silver futures for May were trading at Rs 2,43,200, showing a slight decline. The white metal touched an intraday high of Rs 2,45,473 and a low of Rs 2,43,009.
Experts noted that precious metals are trading cautiously, driven by technical levels amidst geopolitical uncertainties. Gold on COMEX is holding above key support levels, while on MCX, it is hovering near Rs 1,52,500 with resistance at Rs 1,54,000.
The analyst highlighted that silver is also exhibiting a cautious trend due to elevated volatility from geopolitical tensions. In the international market, both gold and silver prices remained mostly unchanged, with gold slightly up and silver slightly down.
Despite global uncertainties, gold and silver have shown significant returns over the past year. Gold has surged over 40% in dollar terms in the last year and more than 18% in the past six months. Silver has doubled investors’ money in the past year and gained over 60% in the last six months.
Moreover, Brent crude rose over 2% to $107.77, and US West Texas Intermediate (WTI) increased to $96.68 by 2.41%.
