Gold and silver prices traded higher on Monday amid a decline in crude oil prices and signs of progress in US-Iran peace talks
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NEW DELHI — Gold and silver prices traded higher on Monday amid a decline in crude oil prices and signs of progress in US-Iran peace talks.
On the Multi Commodity Exchange (MCX), gold futures (August 5) rose INR 615 or 0.42 per cent to trade at INR 1,47,818 per 10 grams as of around 10:26 am.
The yellow metal touched an intraday high of INR 1,47,987, up 0.53 per cent or INR 784 from the previous close and a low of INR 1,45,110, down 1.42 per cent or INR 2,093 during the session. It had settled at INR 1,47,203 in the previous session and opened at INR 1,45,110.
Meanwhile, silver futures (July 3) were trading at INR 2,35,324 per kg, up INR 2,139 or 0.92 per cent from the previous close of INR 2,33,185.
The white metal touched an intraday high of INR 2,37,106, up 1.68 per cent or INR 3,921 from the previous close and a low of INR 2,34,296, higher by 0.47 per cent or INR 1,111 during the session.
Earlier in the day, silver opened at INR 2,37,088 per kg on the MCX.
In international markets, COMEX silver was trading nearly 1 per cent lower at $65.63 per ounce, while COMEX gold declined about 1 per cent to $4,198.80 per ounce.
According to commodity market experts, gold prices recovered on progress in the US-Iran peace talks, although gains remained capped as the US dollar continued to trade near a 13-month high.
Analysts said MCX Gold continues to maintain a moderately bearish structure, with support seen in the INR 1,44,250-INR 1,42,800 range and resistance placed at INR1,49,750 and INR 1,51,100.
For silver, experts noted that the metal remains under pressure despite a volatile start to the week. Key support is seen around INR 2,31,400-INR 2,28,150, while resistance is placed in the INR 2,41,000-INR 2,44,900 range.
They added that the gold-silver ratio, currently hovering around 63.6:1, indicates that silver continues to underperform gold in the current market environment.
On the energy front, international benchmark Brent crude fell more than 2 per cent to trade around $79 per barrel, while US West Texas Intermediate (WTI) crude declined 3 per cent to about $75 per barrel.