Gold and silver prices saw an increase on Thursday, with gold contracts for June 5 opening higher at Rs 1,49,499 per 10 grams on the Multi Commodity Exchange (MCX). By 1 pm, gold was trading at Rs 1,50,770, marking a 1.15% rise. Silver contracts for July 3 also rose, opening at Rs 2,40,784 per kg.
The surge in prices was influenced by the conflict in West Asia, leading to a rise in crude oil prices. Gold touched an intra-day high of Rs 1,51,514 and a low of Rs 1,49,069 during the trading session. Similarly, silver hit a high of Rs 2,44,000 and a low of Rs 2,38,755.
Experts suggest a cautious to bearish outlook for both gold and silver in the near term, impacted by geopolitical tensions, dollar strength, and broader macroeconomic uncertainties. On the global front, gold on COMEX traded slightly higher at $4,563 per ounce, while silver gained to $72.40 per ounce.
The increase in gold prices is linked to the escalating tensions between Iran and the United States, contributing to global uncertainty. Despite proposals for peace, both countries have not shown signs of backing down, leading to a surge in gold prices by over 40% in the past year and silver by more than 120%.
