Daijiworld Media Network - Mumbai
Mumbai, May 12: Gold and silver prices moved higher on Tuesday, gaining up to 1 per cent in domestic and international markets as investors turned towards safe-haven assets amid renewed geopolitical concerns.
On the Multi Commodity Exchange (MCX), gold futures for June 5 opened at Rs 1,53,999 per 10 grams, registering a rise of Rs 336 compared to the previous close of Rs 1,53,663.
By around 10:25 am, gold was trading at Rs 1,53,808, up Rs 145 or 0.09 per cent. During the session, the precious metal touched an intraday high of Rs 1,54,243 and a low of Rs 1,53,771.
Silver futures for July 3 also recorded strong gains, opening at Rs 2,80,229 per kg on MCX, up Rs 1,988 from the previous close of Rs 2,78,311.
The white metal surged to an intraday high of Rs 2,82,755, reflecting a gain of 1.6 per cent, while the day’s low stood at Rs 2,79,244.
Commodity market analysts said the short-term outlook for precious metals remains cautiously bullish due to persistent geopolitical uncertainty and volatility in global markets.
According to experts, gold faces immediate resistance in the Rs 1,54,750 to Rs 1,55,000 range. A sustained breakout above these levels could push prices further towards Rs 1,55,500–Rs 1,56,000.
On the downside, Rs 1,53,000 is seen as a key support level. Analysts warned that slipping below this mark could pull prices back into the Rs 1,51,500–Rs 1,53,500 consolidation zone.
For silver, experts identified immediate resistance between Rs 2,84,000 and Rs 2,85,000. A strong upward move beyond this range may drive prices towards Rs 2,87,000, with the possibility of testing Rs 2,90,000 if bullish momentum continues.
Support for silver is currently placed around Rs 2,77,000, with stronger support zones near Rs 2,75,000 and Rs 2,71,000.
In global markets, precious metals also traded higher. COMEX gold edged up 0.08 per cent to trade near $4,733 per ounce, while COMEX silver gained over 1 per cent to around $86 per ounce.
Market sentiment remained influenced by renewed geopolitical tensions after Donald Trump reportedly rejected a peace proposal from Iran, reviving concerns over global stability and boosting demand for safe-haven investments.