Gold price rises by ₹1,04, silver jumps 1.58% higher on hopes of West Asia de-escalation

Gold and silver prices rose on Thursday even after US President Donald Trump's remarks on easing geopolitical tensions and the opening of the Strait of Hormuz. 

On the Multi Commodity Exchange (MCX), gold futures (June 5 contract) climbed as much as 0.67% or ₹1,042 to hit an intraday high of ₹1,54,990 by 10.57 a.m.

Silver futures also jumped up to 1.58 % or ₹3,993 to ₹2,55,735, logging an intraday high.

The yellow metal was trading at ₹1,54,911, up ₹963 or 0.63 %, after touching an intraday low of ₹1,54,501, up 0.35 % or ₹553. The white metal was trading at ₹2,54,997, up ₹3,255 or 1.3 %, after hitting an intraday low of ₹2,53,720, up 0.78 % or ₹1,978.

The surge in precious metals comes after Trump hinted at hopes of an end to the West Asia conflict.

According to commodities experts, sentiment remains mildly positive, with macroeconomic factors offering support, although momentum is still developing and would require confirmation for a sustained uptrend.

“Gold is trading in the ₹1,54,500–₹1,55,000 range with buying interest at lower levels. A sustained move above ₹1,55,000 could revive momentum towards ₹1,57,000–₹ 1,58,000, while a break below ₹1,54,000 may lead to a correction towards ₹1,52,000–₹1,51,000 and further to ₹1,48,000," a commodity expert said

For silver, the analysts noted that MCX silver is hovering above ₹2,54,000, supported by safe-haven demand and strength in industrial metals. Resistance is seen at ₹2,60,000–₹ 2,63,000, with upside potential towards ₹2,68,000–₹2,70,000.

On the downside, a break below ₹2,50,000 may lead to a correction towards ₹2,44,000–₹ 2,40,000, they added.

Trump, posting on Truth Social, said efforts were underway to create “a little breathing room between Israel and Lebanon”, adding that talks between the two sides would take place soon.

He also said China was ‘very happy’ with the permanent opening of the Strait of Hormuz.

“I am doing it for them also and the world. This situation will never happen again. They (China) have agreed not to send weapons to Iran,” he said.

(This story was taken from syndicated feed and was only edited for style by Gujarat Samachar Digital team)