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Gold and Silver Prices Surge 1% as Geopolitical Tensions Escalate

Gold and silver prices gained up to 1% on Tuesday as geopolitical concerns intensified. MCX gold futures rose to an intraday high of Rs 1,54,243 per 10 grams, while silver touched Rs 2,82,755 per kg. Experts said the near-term bias remains cautiously bullish amid ongoing tensions. International markets also saw gains, with COMEX gold at $4,733 per ounce and silver up 1.05%.

Key Points: Gold & Silver Rise on Geopolitical Concerns

  • Gold futures open higher by 0.22% on MCX
  • Silver gains 1.6% intraday, touching Rs 2,82,755 per kg
  • Experts note resistance at Rs 1,54,750-1,55,000 for gold
  • Geopolitical tensions renew after Trump rejects Iran peace proposal
2 min read

Gold and silver prices gain up to 1 pc as geopolitical concerns intensify

Gold and silver prices gain up to 1% on MCX amid rising global uncertainty. Experts see cautious bullish bias as geopolitical tensions intensify.

"Precious metals' near-term bias remains cautiously bullish amid ongoing geopolitical tensions. - Commodity market experts"

Mumbai, May 12

Gold and silver prices traded higher on Tuesday, with both precious metals witnessing gains of up to 1 per cent amid rising global uncertainty.

On the Multi Commodity Exchange (MCX), gold futures (June 5) opened at Rs 1,53,999 per 10 grams, up Rs 336 or 0.22 per cent from the previous close of Rs 1,53,663.

At around 10:25 am, gold was trading at Rs 1,53,808, higher by Rs 145 or 0.09 per cent. The yellow metal touched an intraday high of Rs 1,54,243, up Rs 580 or 0.37 per cent, while the intraday low stood at Rs 1,53,771, higher by Rs 108 or 0.07 per cent.

On the other hand, silver futures (July 3) opened at Rs 2,80,229 per kg on MCX, rising Rs 1,988 or 0.70 per cent from the previous close of Rs 2,78,311.

The white metal touched an intraday high of Rs 2,82,755, up Rs 4,444 or 1.6 per cent. It also touched an intraday low of Rs 2,79,244, higher by Rs 933 or 0.33 per cent.

According to commodity market experts, precious metals' near-term bias remains cautiously bullish amid ongoing geopolitical tensions.

The experts added that immediate resistance for gold stands in the Rs 1,54,750-Rs 1,55,000 range, and a sustained move above this level could extend the rally towards Rs 1,55,500-Rs 1,56,000.

"On the downside, Rs 1,53,000 acts as immediate support, while a failure to hold above this level could drag prices back into the Rs 1,51,500-Rs 1,53,500 consolidation zone," they said.

For silver, immediate resistance stands at Rs 2,84,000-Rs 2,85,000, and a sustained move above this level could extend the rally towards Rs 2,87,000, with a possible test of Rs 2,90,000 if bullish momentum persists, they added.

"On the downside, Rs 2,77,000 acts as immediate support, with Rs 2,75,000 and Rs 2,71,000 serving as stronger bases if momentum weakens," the experts noted.

In the international market as well, precious metals traded in the green. COMEX gold was trading at $4,733 per ounce, up 0.08 per cent, while COMEX silver gained 1.05 per cent to $86 per ounce.

Geopolitical tensions escalated again after US President Donald Trump rejected Iran's peace proposal, renewing concerns over global stability.

- IANS

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Reader Comments

R
Rohit P
Every time there is a geopolitical crisis, gold prices shoot up. It's almost predictable now. But I wonder if ordinary Indians like us benefit from this? We buy gold for weddings and festivals, not for speculation. The real winners are the big investors. 😕
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Priya S
Silver is my favourite! It's more affordable for middle-class families like ours. My grandmother used to say silver is for daily use, gold is for special days. At Rs 2.80 lakh per kg, it's still a good investment for the future. But these price swings make me nervous. 😬
S
Sarah B
Interesting to see how global tensions impact local markets. I work in finance and we track these trends closely. The experts are right about the support and resistance levels – gold needs to hold above Rs 1.53 lakh for the rally to continue. But these are volatile times, so caution is key.
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Vikram M
I was planning to buy gold for my daughter's wedding in December, but at these prices, I'm reconsidering. Maybe I should wait for a dip. But the article says immediate support is Rs 1.53 lakh – if it falls to that level, it might be a good entry point. Still, weddings don't wait for markets. 😅
M
Michael C
As someone who traded commodities, I can confirm this is typical market behaviour. Geopolitical tensions always trigger a flight to safety. But the real question is: is this a sustained trend or just a short-term spike? The Iran peace proposal rejection could mean more volatility ahead. Keep an eye on COMEX levels.

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