Gold and silver prices moved higher on Wednesday morning, tracking gains in global markets after a ceasefire between the United States and Iran eased immediate geopolitical tensions.
The rise in precious metals comes alongside a broader rally in equities and a sharp fall in crude oil prices, as investors adjust to changing risk conditions.
MCX GOLD, SILVER PRICES EDGE HIGHER
On the domestic front, gold prices on the Multi Commodity Exchange (MCX) were trading at Rs 1,53,396 per 10 grams at around 9:55 am, up Rs 3,107 or 2.07%.
Silver saw a sharper move, rising to Rs 2,43,200 per kg, up Rs 11,852 or 5.12%.
Market data also showed a long build-up in gold and short covering in silver, indicating fresh buying interest and unwinding of earlier bearish positions.
GLOBAL PRICES ALSO FIRM
Globally, gold and silver prices also moved higher as investors reacted to the ceasefire announcement and shifting expectations around risk and inflation.
While easing tensions typically reduce demand for safe-haven assets like gold, the sharp fall in crude oil prices and movements in currencies have supported precious metals.
At the same time, investors are adjusting positions ahead of key central bank decisions, including the Reserve Bank of India’s policy announcement later in the day.
While the ceasefire has brought short-term relief to global markets, volatility may continue as investors track further developments.
Precious metals are likely to remain sensitive to changes in crude oil prices, currency movements and central bank signals in the near term.
– Ends
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