Silver prices increase on 4th consecutive day, crosses ₹2.6 lakh, gold touches ₹1.5 lakh

Gold and silver prices traded higher on Friday amid renewed geopolitical tensions between the US and Iran, with precious metals surging up to 1%. 

On the Multi Commodity Exchange (MCX), gold futures (June 5) opened at ₹1,52,672 per 10 grams, up Rs 411 from the previous close of ₹1,52,261.

At around 12:20 pm, the yellow metal was trading ₹592 or 0.38% higher at ₹1,52,853 per 10 grams. During the session so far, it touched an intraday high of Rs 1,53,103, rising ₹842 or 0.55%.

Meanwhile, silver futures (July 3) opened at ₹2,59,999 per kg against the previous close of ₹2,58,540, a gain of ₹1,459 or 0.56%.

The white metal was trading ₹3,126 or 1.21% higher at ₹2,61,666 per kg. Silver touched an intraday high of ₹2,62,723, up ₹4,183 or 1.61%.

The commodity market experts said MCX gold continues to show improving momentum after opening firmly above the ₹1,52,000 level.

Analysts noted that a sustained move above ₹1,53,000 could strengthen bullish sentiment and push prices towards the ₹1,55,000–₹1,56,000 range. Immediate support for gold is seen between ₹1,52,000 and ₹1,51,600, with stronger buying support emerging near ₹1,50,000 levels.

For silver, analysts said prices remained firm after opening with a gap-up above the ₹2,60,000 mark. A decisive breakout above the ₹2,64,000–₹2,66,000 resistance zone could extend the rally towards ₹2,72,000–₹2,75,000 levels, while support is placed around ₹2,56,000.

Precious metals also witnessed gains in international markets. COMEX gold was trading 0.28% higher at $4,725 per ounce, while COMEX silver rose 0.17% to $80.30 per ounce.

The rally in precious metals followed renewed tensions in West Asia after Iran accused the United States of violating the month-long ceasefire agreement, while Washington defended its actions as retaliatory following alleged attacks on American naval vessels in the Strait on Thursday.

Iran’s military claimed that US forces struck an Iranian oil tanker, another vessel and civilian locations in the Strait as well as on the Iranian mainland.

Meanwhile, US President Donald Trump said the ceasefire remained in effect and that Washington was awaiting Tehran’s response to its latest peace proposal.

Moreover, Brent crude rose 2.82% to $102.89 per barrel, while US West Texas Intermediate (WTI) crude gained 4% to $98.64 per barrel.

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