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Gold and silver rise as oil prices recover amid US-Iran tensions
In India, MCX gold neared ₹1,55,000 per 10 gm and MCX silver hit an intraday high of ₹2,38,271 per kg as WTI crude held around $84 a barrel.
Gold and silver prices edged higher on COMEX and on India’s MCX as crude oil regained strength amid elevated geopolitical risk, according to LiveMint Markets. The outlet said gold saw buying interest and silver maintained its positive tone even as both metals approached technically important resistance zones.
On the oil front, LiveMint Markets reported WTI crude was around $84 a barrel and had recovered above its long-term moving average, while also testing a major falling trendline. It pointed to a risk premium for oil linked to escalating US-Iran tensions.
The story said the US targeted a vessel in the Gulf of Oman, according to the commentary cited by LiveMint Markets, and Washington warned that continued attacks on maritime traffic could keep fuel prices elevated. The outlet added that this could cloud prospects for a diplomatic resolution and keep energy security concerns in focus.
LiveMint Markets also flagged US inflation data as a potential catalyst, noting that a rise in the inflation print could affect the Fed’s inflation expectations and, in turn, support precious metals. It cited domestic levels of MCX gold around ₹1,54,500 to ₹1,55,000 per 10 gm and COMEX gold trading near $4,462 per ounce, with an immediate hurdle around $4,500 to $4,520.
Latest closeGold $4,430.80 ▲1.6%|Silver $64.92 ▼0.3%|WTI crude $83.42 ▲1.6%