Gold, silver trade higher amid easing crude prices
Gold and silver prices traded higher on Monday amid a decline in crude oil prices and signs of progress in US-Iran peace talks.
On the Multi Commodity Exchange (MCX), gold futures (August 5) rose Rs 615 or 0.42 per cent to trade at Rs 1,47,818 per 10 grams as of around 10:26 am.
The yellow metal touched an intraday high of Rs 1,47,987, up 0.53 per cent or Rs 784 from the previous close and a low of Rs 1,45,110, down 1.42 per cent or Rs 2,093 during the session. It had settled at Rs 1,47,203 in the previous session and opened at Rs 1,45,110.
Meanwhile, silver futures (July 3) were trading at Rs 2,35,324 per kg, up Rs 2,139 or 0.92 per cent from the previous close of Rs 2,33,185.
The white metal touched an intraday high of Rs 2,37,106, up 1.68 per cent or Rs 3,921 from the previous close and a low of Rs 2,34,296, higher by 0.47 per cent or Rs 1,111 during the session.
Earlier in the day, silver opened at Rs 2,37,088 per kg on the MCX.
In international markets, COMEX silver was trading nearly 1 per cent lower at $65.63 per ounce, while COMEX gold declined about 1 per cent to $4,198.80 per ounce.
According to commodity market experts, gold prices recovered on progress in the US-Iran peace talks, although gains remained capped as the US dollar continued to trade near a 13-month high.
Analysts said MCX Gold continues to maintain a moderately bearish structure, with support seen in the Rs 1,44,250-Rs 1,42,800 range and resistance placed at Rs 1,49,750 and Rs 1,51,100.
For silver, experts noted that the metal remains under pressure despite a volatile start to the week. Key support is seen around Rs 2,31,400-Rs 2,28,150, while resistance is placed in the Rs 2,41,000-Rs 2,44,900 range.
They added that the gold-silver ratio, currently hovering around 63.6:1, indicates that silver continues to underperform gold in the current market environment.
On the energy front, international benchmark Brent crude fell more than 2 per cent to trade around $79 per barrel, while US West Texas Intermediate (WTI) crude declined 3 per cent to about $75 per barrel.
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