Silver prices rose ₹6,066 to ₹2.52 lakh per kilogram on the Multi Commodity Exchange of India Ltd Multi Commodity Exchange of India for July delivery, a gain of 2.46%. The contract recorded a turnover of 11,420 lots. The metal had declined nearly 1% in the previous week.
Gold futures for August delivery on MCX gained ₹2,242, or 1.49%, to ₹1.52 lakh per 10 grams, recovering part of last week’s 3.2% fall.
The recovery in bullion was driven by easing geopolitical tensions following a US–Iran framework agreement, which reduced concerns over energy supply disruptions and pulled crude oil lower, easing inflation expectations. A weaker US dollar also supported demand for dollar-denominated metals.
In international markets, Comex silver futures rose 3.53% to $70.37 per ounce, while Comex gold futures gained 2.15% to $4,329.84 per ounce.
Market participants said bullion prices were supported by softer crude oil, which reduced inflationary pressure, and expectations that major central banks, including the US Federal Reserve, may maintain current interest rates in the near term.
Rajkumar Subramanian, Head – Product & Family Office, PL Wealth, said gold’s strength is being driven largely by macro-liquidity shifts and dollar weakness following the US–Iran framework agreement, which has pushed crude oil to a two-month low and eased inflation concerns.
Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd and President of India Bullion and Jewellers Association Ltd India Bullion and Jewellers Association Ltd, added that precious metals have recovered after recent volatility driven by inflation and rate expectations, with easing crude oil prices and a softer dollar supporting sentiment.
Ravi Singh, Chief Research Officer at Master Capital Services, said MCX gold continues to hold key support levels, indicating buying interest at lower zones, though a break below support could trigger renewed weakness.
–With agencies inputs
