Gold and Silver Prices Surge Amid Iran Peace Talks Hopes
Silver rises Rs 4,000, gold up Rs 800 on Iran peace talk hopes, soft dollar spurs demand. Should you buy?
The Economic TimesImage: The Economic Times
Gold prices rose by ₹800 to ₹1,54,756 per 10 grams, while silver increased by ₹4,000 to ₹2,55,735 per kg on the Multi-Commodity Exchange of India. The rise is attributed to hopes of resumed U.S.-Iran negotiations and a softening dollar, making these precious metals more attractive for buyers using other currencies.
- 01Gold futures increased by ₹800 to ₹1,54,756 per 10 grams.
- 02Silver futures rose by ₹4,000 to ₹2,55,735 per kg.
- 03The U.S. dollar is at a one-month low, boosting demand for dollar-denominated commodities.
- 04Analysts recommend buying on dips with target prices of ₹1,57,000 for gold and ₹2,61,000 for silver.
- 05Support and resistance levels for gold and silver have been identified for traders.
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On Thursday, gold and silver prices saw significant increases on the Multi-Commodity Exchange of India, driven by optimism surrounding potential peace talks between the U.S. and Iran, which could alleviate supply disruptions in the Middle East. Gold futures for June 2026 delivery gained ₹800 (0.52%) to reach ₹1,54,756 per 10 grams, while silver futures for May 2026 delivery rose ₹4,000 (1.6%) to ₹2,55,735 per kg. The U.S. dollar's decline to a more than one-month low has made gold and silver cheaper for buyers using other currencies, further stimulating demand. In the international market, spot gold climbed to $4,830.66 per ounce, while spot silver advanced to $80.17 per ounce. Analysts suggest a trading strategy of buying on dips, with anticipated price targets of ₹1,57,000 for gold and ₹2,61,000 for silver. Support and resistance levels have been established for both metals, indicating potential trading strategies for investors.
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The rise in gold and silver prices may influence consumer purchasing decisions, particularly for jewelry and investment in precious metals.
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