Gold prices firm up amid rising Iran-Israel tensions
Gold futures, maturing on June 5, 2024, stood at Rs 72,813 per 10 grams on the MCX, up Rs 536 or 0.74 per cent from the previous day’s close of Rs 72,277.
Gold prices continued to rise on Tuesday after posing strong gains in previous session. On the Multi Commodity Exchange (MCX) gold contracts for August delivery traded higher by 0.6 per cent to a new high of Rs 52,410 per 10 gram.
At 11.55 am, gold futures for August delivery rose 0.14 per cent to Rs 52,175.00 per 10 grams. In the previous session, gold had surged by Rs 825 to Rs 51,860 per 10 gram in futures trade as speculators created fresh positions on firm spot demand.
Silver, on the other hand, traded 1.10 per cent higher at Rs 66,252.00 per kg. The prices opened at Rs 66,047 as compared to the previous close of Rs 65,528 per kg.
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Reports suggest that tension between US-China extended liquidity in the market and rising investment demand continues to support the yellow metal prices.
Further, expectations of more stimulus to revive the pandemic-hit economy gave a boost to metals.
Analysts believed that due to US-China tension and expectations of more stimulus will push gold prices higher.
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