Gold and silver prices traded marginally higher on Wednesday as investors continued to prefer safe-haven assets amid geopolitical uncertainty and cautious optimism over possible progress in US-Iran peace negotiations.
On the Multi-Commodity Exchange (MCX), gold futures for June delivery traded around Rs 1,57,780 per 10 grams during the morning session.
The yellow metal touched an intraday high near Rs 1,57,900 after witnessing volatile movement earlier in the day.
Silver futures for July delivery also gained momentum and traded above Rs 2,72,000 per kilogram.
Buying interest supported the white metal throughout the session despite overall market volatility.
In the international market, COMEX gold traded above the $4,500-per-ounce mark, while COMEX silver also recorded gains.
Analysts said investors closely monitored geopolitical developments and diplomatic efforts involving the United States and Iran.
Market experts said gold prices stabilised after facing pressure earlier this week.
Investors tracked discussions on extending the ceasefire and reopening the Strait of Hormuz, an important global shipping route.
US President Donald Trump said talks on regional stability and the ceasefire continued, while US Secretary of State Marco Rubio stated that reaching a final agreement could still take time.
Analysts noted that continued uncertainty supported demand for precious metals.
Experts also said concerns over energy-driven inflation and expectations of prolonged tighter monetary policy by major central banks influenced investor sentiment.
On the technical front, analysts said MCX Gold maintained a cautious but mildly positive trend, with resistance near Rs 1,59,000 and support around Rs 1,57,500. Silver continued to hold above Rs 2,71,000 despite volatile trading.
Market experts said geopolitical developments, inflation concerns and safe-haven demand would continue to influence gold and silver prices in the near term.