Mumbai: Gold and silver prices rose on Friday, supported by hopes of progress in peace negotiations related to the ongoing West Asia conflict.
On the Multi Commodity Exchange (MCX), gold futures for August delivery touched an intraday high of Rs 1,50,600 per 10 grams. This marked a rise of Rs 1,668 or 1.11% during the session.
At around 11:30 am, gold was trading at Rs 1,49,916, higher by Rs 948 or 0.66% from the previous close.
The metal also touched an intraday low of Rs 1,49,569, which was still above its earlier closing level.
Silver Gains More Than 2%
Silver prices also remained strong during the session.
MCX silver futures for July delivery traded at Rs 2,42,143 per kilogram, up Rs 2,490 or 1%.
The white metal climbed to an intraday high of Rs 2,44,817, gaining 2.15%. It touched a low of Rs 2,41,601 during the day.
Gold and silver opened the session at Rs 1,50,595 and Rs 2,42,776 respectively.
Peace Deal Hopes Support Prices
Commodity market experts said precious metals recovered from recent lows after comments from US President Donald Trump raised hopes of a possible peace agreement between the US and Iran.
According to reports, Trump suggested that a deal could be reached as early as this weekend.
However, Iranian officials reportedly denied that any final agreement had been completed, keeping some uncertainty in the market.
Global Markets in Focus
Analysts said hopes of easing tensions helped improve investor confidence and reduced worries about global energy supplies.
In international markets, COMEX gold rose more than 2% to $4,203.70 per ounce, while COMEX silver jumped over 4% to $66.94 per ounce.
Investors will now watch further developments in US-Iran talks and upcoming Federal Reserve comments for fresh direction in bullion prices.
