Gold and silver prices saw an increase on Thursday, unaffected by US President Donald Trump’s statements regarding easing tensions and the opening of the Strait of Hormuz. Gold futures on the Multi Commodity Exchange (MCX) for June rose by 0.67%, reaching an intraday high of Rs 1,54,990. Similarly, silver futures surged by 1.58% to Rs 2,55,735, marking a significant rise.
The current trading values show gold at Rs 1,54,911, up by 0.63%, and silver at Rs 2,54,997, up by 1.3%. The rise in precious metal prices follows Trump’s optimistic outlook on resolving conflicts in West Asia. Analysts suggest that while the sentiment is positive due to macroeconomic factors, a sustained uptrend would require further confirmation.
Experts predict that gold trading between Rs 1,54,500–Rs 1,55,000 with potential momentum towards Rs 1,57,000–Rs 1,58,000 upon breaching Rs 1,55,000. For silver, resistance is anticipated at Rs 2,60,000–Rs 2,63,000 with a possible rise to Rs 2,68,000–Rs 2,70,000. Conversely, a drop below Rs 2,50,000 could lead silver prices towards Rs 2,44,000–Rs 2,40,000.
Trump’s recent comments on Truth Social indicated efforts to ease tensions between Israel and Lebanon and China’s satisfaction with the permanent opening of the Strait of Hormuz, stating that China agreed not to supply weapons to Iran.
