Gold and silver surge up to 1 pc amid geopolitical uncertainty

On Thursday, gold and silver climbed, gaining as much as 1 percent as crude oil prices rose and doubts lingered over the US‑Iran peace agreement.

On the MCX, June‑5 gold futures hit an intraday peak of ₹1,52,887, up 0.49 % (₹755) around 10:49 am, while slipping to a low of ₹1,52,400.

Meanwhile, silver July‑3 futures rose 1.49 % (₹3,790) to ₹2,57,055 after reaching an intraday high; the session opened at ₹2,54,998, up 0.68 % (₹1,733), and fell to a low of ₹2,54,722.

Market analysts say the short‑term outlook for precious metals stays upbeat, supported by improving sentiment and ongoing safe‑haven buying fueled by geopolitical tension.

Internationally, precious metals also edged higher: COMEX gold added 0.21 % to $4,703 per ounce and silver rose 1.12 % to $78.17 per ounce.

The advance in gold and silver is linked to a weaker dollar index, which is trading below the 98 level.

At the same time, broader global uncertainty is bolstering precious‑metal prices, as the United States and Iran persist in negotiations to end the conflict.

Reports indicate that the United States has urged Iran to suspend its nuclear program and reopen the Strait of Hormuz.

The Iranian Foreign Ministry said Tehran will consider the proposal, while U.S. President Donald Trump remarked that he thinks Iran is interested in reaching an agreement.

Furthermore, Brent crude, the global oil benchmark, traded at $102.50 a barrel, up 1.21 %, while U.S. WTI climbed 1.47 % to $96.48 per barrel.

(With inputs from IANS)