Gold and silver prices saw an increase on Thursday, with gold futures on the Multi Commodity Exchange trading higher by 0.49% at an intraday high of Rs 1,52,887. Silver futures also rose by 1.49% to Rs 2,57,055, driven by geopolitical uncertainties and a surge in crude oil prices.
Experts in the commodity market suggest a positive near-term outlook for precious metals due to improved sentiment and ongoing safe-haven demand. Internationally, COMEX gold and silver prices were up, with gold at $1,703 per ounce and silver at $78.17 per ounce.
The surge in gold and silver prices is linked to the weakening dollar index, currently below the 98 mark. Furthermore, global uncertainties, particularly the US-Iran peace talks, are contributing to the gains in precious metals. The US has proposed Iran to cease its nuclear program and reopen the Strait of Hormuz, with responses awaited from Tehran.
Amidst these developments, Brent crude traded at $102.50 per barrel, up 1.21%, and US West Texas Intermediate (WTI) rose by 1.47% to $96.48 per barrel.
