Gold and silver prices saw an increase on Friday due to escalating geopolitical tensions between the US and Iran. On the Multi Commodity Exchange (MCX), gold futures for June 5 opened higher at Rs 1,52,672 per 10 grams, marking a rise of Rs 411 from the previous close. By midday, gold was trading at Rs 1,52,853 per 10 grams, up by 0.38%.
In the same period, silver futures for July 3 opened at Rs 2,59,999 per kg, showing a gain of Rs 1,459 or 0.56% from the previous close. Silver prices surged by 1.21% to reach Rs 2,61,666 per kg, with an intraday high of Rs 2,62,723, up by 1.61%.
Market experts observed that MCX gold displayed positive momentum by surpassing the Rs 1,52,000 level. Analysts suggested that a sustained rise above Rs 1,53,000 could further boost bullish sentiment, potentially pushing prices towards the range of Rs 1,55,000–Rs 1,56,000. Immediate support levels for gold are anticipated between Rs 1,52,000 and Rs 1,51,600.
For silver, prices remained strong after opening above Rs 2,60,000. A breakthrough above the Rs 2,64,000–Rs 2,66,000 resistance zone might extend the rally towards Rs 2,72,000–Rs 2,75,000 levels, with support noted around Rs 2,56,000.
In the global market, COMEX gold was up by 0.28% at $4,725 per ounce, while COMEX silver rose by 0.17% to $80.30 per ounce. The surge in precious metals followed renewed tensions in West Asia, with Iran accusing the US of violating a ceasefire agreement and the US defending its actions as retaliatory.
Iran alleged that US forces targeted an Iranian oil tanker, another vessel, and civilian locations in the Strait and on Iranian territory. President Donald Trump stated that the ceasefire was still in place, awaiting Tehran’s response to a peace proposal. Additionally, Brent crude rose by 2.82% to $102.89 per barrel, and US West Texas Intermediate (WTI) crude gained 4% to $98.64 per barrel.
