Gold and silver prices saw an increase in morning trading on Thursday, supported by a weaker dollar and geopolitical uncertainty in West Asia. Gold futures for August delivery on the Multi Commodity Exchange (MCX) were up by 0.35%, trading at Rs 1,59,052 per 10 grams at 11:28 am. The yellow metal reached an intraday high of Rs 1,59,500, rising by 0.61%, and a low of Rs 1,58,701, up by 0.11% from the previous close.
In contrast, silver futures for July delivery also climbed, touching an intraday high of Rs 2,64,324 per kg, up by 0.51%. However, the white metal was trading at Rs 2,62,317, a decrease of 0.24% during the session, with an intraday low of Rs 2,62,081, down by 0.33% from the previous close.
Analysts noted that safe-haven demand and geopolitical tensions are driving the prices of precious metals. They highlighted the need for a sustained breakout above key resistance levels to further strengthen the bullish outlook. Resistance levels for MCX gold are seen around Rs 1,57,300-1,57,400, while silver is expected to face resistance near Rs 2,66,000-2,67,000.
Recent military activities have kept investor sentiment cautious, particularly after reports of Iranian missile attacks targeting Bahrain, Kuwait, and other regional locations. Meanwhile, crude oil prices experienced a decline of over 1%, with Brent crude trading at $96.50 per barrel and US West Texas Intermediate (WTI) crude at $94.76 per barrel.
