Mumbai, May 25 (IANS): Gold and silver prices traded higher on Monday, rising up to nearly 2 per cent, supported by a weaker US dollar and softer crude oil prices as investors assessed prospects of progress in US-Iran peace negotiations. On the Multi Commodity Exchange (MCX), gold futures were trading 0.36 per cent higher at Rs 1,59,245, touching an intraday high of Rs 1,59,500 and an intraday low of Rs 1,59,014, having opened at Rs 1,59,150. Silver futures surged nearly 2 per cent to hit an intraday high of Rs 2,77,245, with the white metal trading at Rs 2,76,427 at last count, after opening at Rs 2,76,683 and recording an intraday low of Rs 2,75,428. In the international market, COMEX gold rose 0.75 per cent to $4,557.30 per ounce while COMEX silver traded over 2 per cent higher at $78.015. Global crude oil prices also declined sharply, with Brent crude falling 6 per cent to $97.16 a barrel and WTI crude tanking more than 6 per cent to $90.33.
Commodity market experts noted that MCX gold continued to trade above the Rs 1,59,000 mark with a cautious-to-mildly positive bias, with immediate resistance seen in the Rs 1,59,500-Rs 1,60,000 range and a sustained breakout potentially pushing prices towards Rs 1,61,000, while support is placed around Rs 1,58,000-Rs 1,57,500. MCX silver was also holding firm above the Rs 2,76,000 mark amid ongoing volatility, with a sustained move above Rs 2,77,000 likely to support further recovery towards the Rs 2,79,000–Rs 2,80,000 zone and support seen near Rs 2,73,000. Experts further noted that safe-haven demand and ongoing geopolitical developments continue to influence the direction of precious metals.