Gold and Silver Prices Surge Up to 2% on US-Iran Ceasefire Extension

On the Multi Commodity Exchange (MCX), gold contracts for June 5 hit an intra-day high of Rs 1,53,699 per 10 grams, up 1.33 per cent or Rs 2,028. During the session, gold touched a low of Rs 1,53,052 and was last trading at Rs 1,53,593, up Rs 1,922 or 1.27 per cent.

Silver contracts for May 5 rose over 2 per cent, or about Rs 6,000, to Rs 2,50,698 per kg. The metal hit an intraday low of Rs 2,48,388.

In international markets, both metals were trading higher. Gold on COMEX was up 1.13 per cent at $4,773.21 per ounce, while silver gained 1.97 per cent to $77.99 per ounce.

Market experts said that despite the recent gains, both metals remain range-bound with a cautious bias.

On MCX, gold was holding above Rs 1,53,000 with emerging buying interest at lower levels, but continued to trade within a consolidation phase. A sustained move above Rs 1,55,000 could push prices towards Rs 1,57,000-1,58,000, while a break below Rs 1,52,000 may trigger a correction towards Rs 1,50,000-1,48,000 levels.

Silver was trading in the Rs 2,48,000-2,50,000 range, with resistance seen at Rs 2,53,000-2,55,000. A breakout above these levels could extend gains towards Rs 2,60,000-2,62,000, while a drop below Rs 2,45,000 may lead to further downside towards Rs 2,43,000-2,40,000.

The rise in gold and silver prices was attributed to increasing global uncertainty.

Meanwhile, US President Donald Trump has extended the deadline for the ceasefire between the US and Iran, although the duration and terms of the extension remain unclear.

Meanwhile, Pakistan Prime Minister Shehbaz Sharif and Army Chief Asim Munir reportedly urged him to halt attacks on Iran for a longer period to allow more time for peace talks.

- IANS