08 May,2026 03:10 PM IST | Mumbai | mid-day online correspondent
Gold, silver prices climb as US-Iran tensions boost safe-haven demand. Representational Image
Gold and silver prices traded higher on Friday as renewed tensions between the United States and Iran pushed investors towards safe-haven assets, as per IANS.
Rising geopolitical uncertainty and a jump in crude oil prices supported gains in the bullion market both in India and globally.
In the Mumbai bullion market, Standard Gold (99.5 purity) opened at Rs 1,50,535 per 10 grams, while Pure Gold (99.9 purity) was priced at Rs 1,51,140 per 10 grams on Friday.
Mumbai bullion opening rate for silver spot stood at Rs 2,55,200 per kg, as reported by PTI.
On the Multi Commodity Exchange (MCX), gold futures for June 5 opened at Rs 1,52,672 per 10 grams, up Rs 411 from the previous close of Rs 1,52,261.
By noon, gold was trading Rs 592 higher at Rs 1,52,853 per 10 grams. During the session, it touched an intra-day high of Rs 1,53,103, gaining Rs 842 or 0.55 per cent.
Whereas, silver futures for July 3 opened at Rs 2,59,999 per kg against the previous close of Rs 2,58,540, gaining Rs 1,459.
The white metal later rose Rs 3,126 or 1.21 per cent to trade at Rs 2,61,666 per kg. It also touched an intraday high of Rs 2,62,723 during the day's trade.
Commodity market experts said gold is showing "improving momentum" after opening strongly above the Rs 1,52,000 level, reported the news agency.
Analysts noted, "A sustained move above Rs 1,53,000 could strengthen bullish sentiment and push prices towards the Rs 1,55,000-Rs 1,56,000 range." Immediate support for gold is expected between Rs 1,52,000 and Rs 1,51,600, while stronger buying support is seen near Rs 1,50,000.
For silver, analysts said prices remained firm after opening with a gap-up above Rs 2,60,000. They added that "a decisive breakout above the Rs 2,64,000-Rs 2,66,000 resistance zone could extend the rally towards Rs 2,72,000-Rs 2,75,000 levels," as per IANS.
Precious metals also traded higher internationally. COMEX gold rose 0.28 per cent to USD 4,725 per ounce, while COMEX silver gained 0.17 per cent to USD 80.30 per ounce.
The rally in gold and silver came after fresh tensions emerged between the US and Iran. Iran accused Washington of violating a month-long ceasefire agreement, while the US defended its actions as retaliatory after alleged attacks on American naval vessels in the Strait.
Iran's military claimed that US forces targeted an Iranian oil tanker, another ship, and civilian areas on the mainland.
Meanwhile, US President Donald Trump said the ceasefire was still in effect and Washington was waiting for Iran's response to its latest peace proposal.
Crude oil prices also surged sharply amid the tensions. Brent crude rose 2.82 per cent to USD 102.89 per barrel, while US West Texas Intermediate (WTI) crude gained 4 per cent to USD 98.64 per barrel.
(With IANS Inputs)
