Gold and silver prices saw positive movement on Wednesday following an extension of the ceasefire between the US and Iran. Gold contracts for June 5 on the Multi Commodity Exchange (MCX) surged by 1.33% to reach Rs 1,53,699 per 10 grams, while silver contracts for May 5 rose over 2% to Rs 2,50,698 per kg.
In the international market, both gold and silver were trading higher. Gold on COMEX was up by 1.13% at $1,773.21 per ounce, and silver gained 1.97% to $77.99 per ounce. Market experts noted that despite recent gains, both metals are trading within a cautious range-bound pattern.
Gold on MCX remained above Rs 1,53,000 with increasing buying interest at lower levels, while silver traded in the range of Rs 2,48,000–2,50,000. Gold may move towards Rs 1,57,000–1,58,000 with a sustained rise above Rs 1,55,000, while silver could extend gains towards Rs 2,60,000–2,62,000 if it breaks above Rs 2,53,000–2,55,000.
The uptick in gold and silver prices is attributed to rising global uncertainty. US President Donald Trump extended the ceasefire deadline with Iran, although specifics of the extension remain unclear. Pakistan’s Prime Minister Shehbaz Sharif and Army Chief Asim Munir have reportedly advocated for a longer halt in attacks on Iran to facilitate peace talks.
