Mumbai, April 27
Gold and silver prices traded on a flat note on Monday amid a rise in crude oil prices and reports of a fresh proposal by Iran to end the conflict with the US, raising hopes of de-escalation in the Middle East.
On the Multi Commodity Exchange (MCX), gold futures (June 5 contract) were trading at Rs 1,52,410 per 10 grams, down 0.19 per cent or Rs 290 from the previous close of Rs 1,52,699.
By 11:00 A.M., the yellow metal touched an intraday high of Rs 1,53,008, up 0.20 per cent or Rs 309.
Meanwhile, silver futures (May 5 contract) were trading at Rs 2,43,200, down Rs 1,436 or 0.6 per cent.
The white metal touched an intraday high of Rs 2,45,473, up 0.34 per cent or Rs 837 from the previous close, and a low of Rs 2,43,009, down 0.66 per cent or Rs 1,627.
According to a commodity market expert, precious metals are trading with a cautious bias, with prices largely driven by key technical levels amid ongoing geopolitical uncertainty.
On COMEX, gold is holding above the $4,700-$4,680 support zone, with further downside possible below $4,650, while a sustained move above $4,750-$4,800 could revive momentum towards $4,900, the expert said.
On MCX, gold is hovering near Rs 1,52,500, with resistance seen around Rs 1,54,000 and support at Rs 1,50,000, the expert added.
The analyst also said that silver is also showing a cautious undertone, noting that volatility remains elevated due to geopolitical tensions, keeping the overall outlook range-bound in the near term.
In the international market, both metals were largely flat. On COMEX, gold was trading marginally higher by 0.02 per cent at $4,742 per ounce, while silver was down 0.05 per cent at $76 per ounce.
However, tensions in the Middle East remain elevated, although Iran has reportedly proposed a fresh peace initiative to the US aimed at reopening the Strait of Hormuz and ending the conflict.
Amid global uncertainty, gold and silver have delivered strong returns to investors over the past year. Gold has gained over 40 per cent in dollar terms over the past year and more than 18 per cent in six months.
Meanwhile, silver has more than doubled investors' money over the past year and gained over 60 per cent in the last six months.
Additionally, Brent crude jumped over 2 per cent to $107.77, while US West Texas Intermediate (WTI) advanced to $96.68, an increase of 2.41 per cent.
- IANS
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