May 8 (BNP): Gold and silver prices traded higher on Friday, gaining up to 1 per cent in domestic and international markets, as renewed geopolitical tensions between the United States and Iran boosted demand for safe-haven assets.
On the Multi Commodity Exchange (MCX), gold futures (June 5 contract) opened at ₹1,52,672 per 10 grams, slightly higher than the previous close of ₹1,52,261. During the session, the metal strengthened further, touching an intraday high of ₹1,53,103 before trading at ₹1,52,853 per 10 grams, up 0.38 per cent.
Silver futures (July 3 contract) also opened on a stronger note at ₹2,59,999 per kg compared to the previous close of ₹2,58,540. The metal extended its gains through the day, rising to an intraday high of ₹2,62,723 before trading at ₹2,61,666 per kg, up over 1 per cent.
Market analysts said gold continues to show steady upward momentum, supported by sustained buying interest. They noted that a firm move above the ₹1,53,000 level could further strengthen bullish sentiment, while key support is seen near the ₹1,52,000–₹1,51,600 range.
For silver, experts pointed out that prices have remained strong after opening above the ₹2,60,000 mark. A breakout above the ₹2,64,000–₹2,66,000 resistance zone could pave the way for further upside, while support is placed around ₹2,56,000.
In global markets, precious metals also gained. COMEX gold rose 0.28 per cent to $4,725 per ounce, while silver edged up 0.17 per cent to $80.30 per ounce.
The rally was driven by heightened tensions in West Asia after reports of renewed conflict-related developments involving the US and Iran, raising concerns over regional stability and supply risks. At the same time, Brent crude rose nearly 3 per cent to $102.89 per barrel, while US WTI crude climbed 4 per cent to $98.64 per barrel, reflecting broader market unease.
Overall, safe-haven demand and geopolitical uncertainty continued to support precious metal prices across global markets.
