27 May,2026 01:13 PM IST | Mumbai | mid-day online correspondent
Safe-haven demand keeps gold and silver prices supported. Representational Image
Gold and silver prices witnessed modest gains on Wednesday as investors remained cautious amid ongoing geopolitical tensions and developments related to possible US-Iran peace negotiations.
Both metals had opened slightly firm earlier in the day, with gold opening at Rs 1,57,541 and silver at Rs 2,72,603 on MCX, reported IANS.
On the Multi Commodity Exchange of India (MCX), gold futures for June 5 traded 0.10 per cent higher at Rs 1,57,780 in early trade. During the session, the yellow metal touched an intraday high of Rs 1,57,898 and a low of Rs 1,57,454, compared to its previous close of Rs 1,57,616, as per the news agency.
On the technical front, analysts said MCX gold continued to trade with a cautious-to-positive bias above the Rs 1,58,000 level. Immediate resistance was seen between Rs 1,59,000 and Rs 1,59,500, while support was placed near Rs 1,57,500.
Silver futures for July 3 also moved higher, supported by buying interest in the commodity market. The white metal climbed as much as 0.73 per cent to hit an intraday high of Rs 2,72,628. At the last count, silver was trading at Rs 2,72,379, up Rs 1,751 or 0.65 per cent, reported the news agency.
As per IANS reporting for silver, analysts said prices remained firm above the Rs 2,71,000 mark despite volatile trading conditions. Resistance was expected in the Rs 2,74,000-Rs 2,75,000 zone, while support levels were seen between Rs 2,70,000 and Rs 2,68,000.
In the international market, COMEX gold traded at USD 4,508.20 per ounce, up 0.13 per cent, while COMEX silver gained 0.63 per cent to trade at USD 77.09 per ounce, as per the news agency.
As per IANS reports, commodity market experts said gold prices managed to stabilise after facing pressure earlier this week. "Investors remained cautiously optimistic over possible progress in US-Iran peace negotiations," analysts noted.
According to market experts, US President Donald Trump said discussions were continuing to extend the ceasefire and reopen the Strait of Hormuz. However, US Secretary of State Marco Rubio warned that a final agreement may still take several days.
Despite signs of diplomatic progress, investors continued to prefer safe-haven assets like gold and silver due to uncertainty in global markets.
Analysts pointed out that gold prices were still nearly 15 per cent below their recent conflict-driven highs. They said rising energy prices and inflation concerns have strengthened expectations that major central banks may keep monetary policy tighter for longer, limiting sharp gains in gold.
"Safe-haven demand and geopolitical developments are likely to continue influencing the direction of precious metal prices in the near term," analysts added.
(With IANS inputs)
