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Gold and Silver Surge Up to 1% Amid US-Iran Uncertainty

Gold and silver prices rose up to 1% on Thursday amid geopolitical uncertainty surrounding US-Iran peace talks and a rise in crude oil prices. On MCX, gold futures hit Rs 1,52,887, while silver futures surged to Rs 2,57,055. Weakness in the dollar index below 98 and continued safe-haven demand supported precious metals. International benchmarks also rose, with COMEX gold at $4,703 per ounce and Brent crude at $102.50 per barrel.

Key Points: Gold, Silver Prices Rise Amid Geopolitical Tensions

  • Gold futures up 0.49% to Rs 1,52,887 on MCX
  • Silver futures gain 1.49% to Rs 2,57,055
  • COMEX gold rises 0.21% to $4,703 per ounce
  • Weak dollar index below 98 supports precious metals
2 min read

Gold and silver surge up to 1 pc amid geopolitical uncertainty

Gold and silver prices surged up to 1% on MCX amid US-Iran deal uncertainty, crude oil rise, and weak dollar. Experts see positive near-term outlook.

"The near-term outlook for precious metals remains positive amid improving sentiment and continued safe-haven demand driven by geopolitical uncertainties. - Commodity market experts"

New Delhi, May 7

Gold and silver prices traded higher on Thursday, with prices rising by up to 1 per cent amid a rise in crude oil prices and uncertainty surrounding the US-Iran peace deal.

On the Multi Commodity Exchange (MCX), gold futures (June 5) traded at an intraday high of Rs 1,52,887, up 0.49 per cent or Rs 755, as of 10:49 am. The yellow metal touched an intraday low of Rs 1,52,400.

Meanwhile, silver futures (July 3) were trading 1.49 per cent or Rs 3,790 higher at Rs 2,57,055 after hitting an intraday high. The white metal began the session at Rs 2,54,998 on the MCX, up 0.68 per cent or Rs 1,733. It touched an intraday low of Rs 2,54,722.

According to commodity market experts, the near-term outlook for precious metals remains positive amid improving sentiment and continued safe-haven demand driven by geopolitical uncertainties.

In the international market as well, precious metals were trading in the green. COMEX gold was up 0.21 per cent at $4,703 per ounce, while silver gained 1.12 per cent to trade at $78.17 per ounce.

The rise in gold and silver prices is being attributed to weakness in the dollar index, which is currently trading below the 98 mark.

On the other hand, global uncertainty is also supporting gains in precious metals. The US and Iran are continuing talks aimed at ending the ongoing conflict.

Reports suggest that the US has asked Iran to halt its nuclear programme and reopen the Strait of Hormuz.

Meanwhile, the Iranian Foreign Ministry said Tehran would respond to the proposal. However, US President Donald Trump said he believes Iran wants a deal.

Additionally, the international oil benchmark Brent crude traded at $102.50 per barrel, up 1.21 per cent, while US West Texas Intermediate (WTI) rose 1.47 per cent to $96.48 per barrel.

- IANS

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Reader Comments

S
Shreya B
As someone who tracks MCX daily, silver's jump of ₹3,790 is huge. July futures at ₹2,57,055?! It's not just about US-Iran; India's import duties also play a role. I wish the government would stabilize prices for small investors. Gold is our traditional security, but at these levels, it's more for the wealthy!
R
Rohit L
Great news for those holding gold ETFs! I bought some last year, and now it's paying off. The uncertainty around Iran reopening the Strait of Hormuz is real—oil above $100 and gold surging make a volatile combo. For everyday Indians, though, this means more expensive jewelry and higher inflation.
M
Michael C
From an international perspective, COMEX gold at $4,703 per ounce is a sign of global fear. US-Iran talks are critical—if they collapse, we'll see even higher spikes. India, as a major gold consumer, should monitor this closely. Silver's rally is interesting too; white metal often follows gold in such times.
A
Amit V
While gold shines, let's not forget the common farmer—silver's high prices affect rural savings and temple donations. MCX data shows volatility, but I feel the government should cap speculation. Respectfully, these surges often benefit corporates more than aam aadmi. Just my two paise.
J
James A
Watching Brent crude at $102.50 makes gold's rise predictable—it's the classic safe-haven move. The dollar below 98 is boosting all commodities. For Indian importers,

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