Bullion – Gold and Silver Prices Climb Amid Rising US-Iran Tensions
Bullion – Gold and silver prices moved higher on Friday as investors shifted towards safe-haven assets following fresh geopolitical concerns involving the United States and Iran. Strong buying interest in bullion also supported gains across domestic and international commodity markets.
Gold futures on the Multi Commodity Exchange (MCX) opened at Rs 1,52,672 per 10 grams for the June 5 contract, registering an increase from the previous settlement of Rs 1,52,261. During the trading session, gold continued to strengthen and was quoted around Rs 1,52,853 per 10 grams in the afternoon trade, reflecting a gain of nearly 0.4 per cent. The metal also touched an intraday high of Rs 1,53,103.
Silver Extends Rally in Domestic Market
Silver prices also witnessed notable buying momentum. The July 3 futures contract on MCX started the session at Rs 2,59,999 per kilogram compared to the earlier close of Rs 2,58,540.
As the day progressed, silver climbed further and traded around Rs 2,61,666 per kilogram, showing gains of more than 1 per cent. The white metal recorded an intraday peak of Rs 2,62,723 during the session, supported by strong investor sentiment in the commodity segment.
Analysts Expect Positive Momentum to Continue
Market experts said gold prices are maintaining a positive trend after holding firmly above the Rs 1,52,000 level. According to commodity analysts, a stable move beyond Rs 1,53,000 may further strengthen bullish momentum and could open the path towards the Rs 1,55,000 to Rs 1,56,000 range in the near term.
Analysts added that immediate support for gold is expected near Rs 1,52,000 and Rs 1,51,600, while stronger buying interest may emerge close to the Rs 1,50,000 mark if prices witness any correction.
Silver also remained technically strong after opening above the important Rs 2,60,000 level. Experts believe that if silver manages to cross the resistance zone between Rs 2,64,000 and Rs 2,66,000 decisively, prices may advance towards Rs 2,72,000 to Rs 2,75,000 levels. Key support for silver is currently seen around Rs 2,56,000.
International Precious Metals Market Shows Strength
Global bullion prices also traded in positive territory. COMEX gold recorded gains of nearly 0.3 per cent and was trading around $4,725 per ounce in international markets. COMEX silver also edged higher to approximately $80.30 per ounce.
The upward movement in precious metals largely followed escalating tensions in West Asia, which increased investor demand for safer investment options such as gold and silver.
Fresh Geopolitical Concerns Lift Safe-Haven Demand
The latest rally came after Iran accused the United States of breaching a temporary ceasefire agreement that had reportedly remained in place for nearly a month. Tehran claimed that American forces targeted an Iranian oil tanker, another vessel, and civilian sites near the Strait region along with locations inside Iran.
The United States, however, defended its actions and stated that the military response followed alleged attacks on American naval assets in the Strait on Thursday.
Meanwhile, US President Donald Trump said the ceasefire arrangement was still active and added that Washington was waiting for Iran’s response to a recent peace proposal.
Crude Oil Prices Also Rise Sharply
Energy markets also reacted strongly to the developments in West Asia. Brent crude prices advanced nearly 3 per cent to trade around $102.89 per barrel. US West Texas Intermediate crude also posted strong gains and moved close to $98.64 per barrel.
Rising crude oil prices and geopolitical uncertainty continued to support demand for precious metals, with investors closely monitoring further developments in the region