Gold and silver prices saw an increase on Tuesday, with both metals experiencing gains of up to 1% due to growing global uncertainty. On the Multi Commodity Exchange (MCX), gold futures for June 5 opened higher at Rs 1,53,999 per 10 grams, up by Rs 336 or 0.22% from the previous close. By 10:25 am, gold was trading at Rs 1,53,808, showing a rise of Rs 145 or 0.09%.
Silver futures for July 3 on MCX opened at Rs 2,80,229 per kg, marking a gain of Rs 1,988 or 0.70% from the previous close. The white metal reached an intraday high of Rs 2,82,755, up by Rs 4,444 or 1.6%, while the intraday low was Rs 2,79,244, higher by Rs 933 or 0.33%.
Market experts suggest that the near-term outlook for precious metals remains cautiously bullish amidst ongoing geopolitical tensions. They highlight that gold faces immediate resistance in the Rs 1,54,750–Rs 1,55,000 range, with a potential rally towards Rs 1,55,500–Rs 1,56,000 upon sustained movement above this level. For silver, immediate resistance is at Rs 2,84,000–Rs 2,85,000, with a possible extension towards Rs 2,87,000 and even Rs 2,90,000 if bullish momentum continues.
In the international market, both gold and silver traded positively. COMEX gold was priced at $4,733 per ounce, showing a 0.08% increase, while COMEX silver rose by 1.05% to $86 per ounce. The escalation of geopolitical tensions following US President Donald Trump’s rejection of Iran’s peace proposal has reignited concerns about global stability.
