On Wednesday, gold and silver prices moved upward. The United States extended its ceasefire arrangement with Iran. This move boosted demand for safe-haven assets and supported prices.
On the Multi Commodity Exchange (MCX), gold futures for June delivery climbed to an intraday peak of Rs 1,53,699 per 10 grams. The metal later traded slightly lower but remained firmly in positive territory, registering gains of over 1 per cent during the session.
Silver also recorded strong gains, rising more than 2 per cent to touch Rs 2,50,698 per kilogram. The metal fluctuated within a narrow range but maintained an overall upward trend through the day.
In global markets, gold and silver prices followed a similar pattern. On COMEX, gold advanced by over 1 per cent to trade above $4,770 per ounce, while silver rose nearly 2 per cent to hover close to $78 per ounce.
Analysts noted that despite the upward movement, both metals continue to trade within a defined range, reflecting cautious investor sentiment.
Gold has been holding above key support levels. Buyers have shown interest during dips, though it has yet to achieve a decisive breakout.
Silver, too, remains within a tight band, with traders watching for a clear move beyond resistance levels to confirm further gains.
A sustained rise could push prices higher, while any downward break may trigger short-term corrections.
Market participants attributed the recent strength in precious metals to ongoing global uncertainty and evolving geopolitical conditions.
US President Donald Trump has extended the ceasefire period. The decision has added to the cautious outlook as investors continue to track developments closely.
Reports indicated that Pakistan's Prime Minister Shehbaz Sharif and Army Chief Asim Munir have called for a longer pause in hostilities. The move aims to give diplomatic efforts more time.
Overall, traders remain watchful, balancing short-term gains with uncertainty over the broader geopolitical situation.