07 May,2026 01:37 PM IST | New Delhi | mid-day online correspondent
Precious metals trade higher on safe-haven buying. Representational Image
Gold and silver prices moved higher on Thursday, gaining up to 1 per cent in early trade as investors turned to safe-haven assets amid global tensions. The rally was supported by rising crude oil prices, a weaker US dollar and continued uncertainty over the US-Iran peace talks, as per IANS.
On the Multi Commodity Exchange (MCX), gold futures for June 5 rose to an intraday high of Rs 1,52,887, up 0.49 per cent or Rs 755 in morning. The metal also touched a low of Rs 1,52,400 during the session.
Silver futures for July 3 saw stronger gains, rising 1.49 per cent to Rs 2,57,055 after touching an intraday high. The white metal opened at Rs 2,54,998, up 0.68 per cent, and moved between Rs 2,54,722 and higher levels during the day, reported the news agency.
Gold prices in Mumbai rose, with 24K gold priced at Rs 15,150 per gram and 22K gold at Rs 15,114 per gram. Compared to yesterday's rates, gold prices have increased by Rs 88 per gram for 24K gold and Rs 52 per gram for 22K gold.
Precious metals also gained in international markets. On COMEX, gold rose 0.21 per cent to USD 4,703 per ounce, while silver climbed 1.12 per cent to USD 78.17 per ounce, reported the news agency.
-Safe haven demand: Market experts said precious metals are getting support from geopolitical uncertainty and safe-haven demand.
-Weaker US dollar: USD is trading below the 98 mark, has also added to the upward momentum in gold and silver prices.
-US-Iran talks: Uncertainty around US-Iran talks continues to influence markets. The US has reportedly asked Iran to halt its nuclear programme and reopen the Strait of Hormuz as part of a proposed peace deal. Iran has said it will respond to the proposal, while US President Donald Trump stated he believes Iran is interested in reaching an agreement. These developments have kept investors cautious and supported demand for safe-haven assets like gold.
-Oil price impact: Oil prices also moved higher, adding pressure to global markets. Brent crude rose 1.21 per cent to USD 102.50 per barrel, while US West Texas Intermediate (WTI) gained 1.47 per cent to USD 96.48 per barrel.
As per IANS reports, experts said that gold and silver prices may continue to stay strong in the near future as investors are buying safer assets due to global tensions and uncertainty in the economy.
(With IANS Inputs)
