Daijiworld Media Network - Mumbai

Mumbai, Apr 30: Gold and silver prices climbed on Thursday, driven by rising crude oil prices and escalating tensions in West Asia, with gains of up to 2 percent recorded during the day.

On the Multi Commodity Exchange (MCX), gold contracts for June 5 opened at Rs 1,49,499 per 10 grams, marking an increase of Rs 449 from the previous close. By early afternoon, gold prices strengthened further to Rs 1,50,770, up Rs 1,720 or 1.15 percent. During the session, the metal touched a high of Rs 1,51,514 and a low of Rs 1,49,069.

Silver also saw upward movement. Contracts for July 3 opened at Rs 2,40,784 per kg, gaining ?2,530 from the previous close. Later in the day, silver was trading at Rs 2,38,900, reflecting a modest rise of Rs 646. It recorded an intra-day high of Rs 2,44,000 and a low of Rs 2,38,755.

Global markets mirrored the trend. On COMEX, gold edged up slightly to $4,563 per ounce, while silver gained to $72.40 per ounce.

Market experts say the surge in precious metals is largely tied to geopolitical uncertainty, particularly tensions between Iran and the United States, which have unsettled global markets. However, analysts caution that the near-term outlook for gold and silver could remain volatile, influenced by currency movements, especially the strength of the US dollar, and broader macroeconomic conditions.

Despite short-term fluctuations, both metals have seen strong gains over the past year. Gold prices have risen by more than 40 percent, while silver has surged over 120 percent, reflecting their appeal as safe-haven assets during periods of global uncertainty.