Gold, silver rates rise in Hyderabad amid geopolitical uncertainty

Hyderabad: Gold and silver rates in Hyderabad and globally surged amid continued geopolitical uncertainty and cautious optimism surrounding possible progress in US-Iran peace negotiations.

On Wednesday, gold futures (June 5) were trading 0.10 per cent or Rs 164 higher at Rs 1,57,780 at around 10:35 am on the Multi Commodity Exchange (MCX).

Gold, silver rates in Hyderabad

Today, the rates of the yellow metal are Rs 1,58,290 and Rs 1,45,100 per 10 grams of 24-carat and 22-carat gold respectively.

In the case of silver, the rate is Rs 2,900 per 10 grams.

Experts noted that safe-haven demand and geopolitical developments would continue to influence the direction of precious metal prices in the near term.

Trade on MCX

Apart from rise in gold rates in Hyderabad, the yellow metal touched an intraday high of Rs 1,57,898, up 0.17 per cent or Rs 282. It recorded an intraday low of Rs 1,57,454, down 0.10 per cent or Rs 162 from the previous close of Rs 1,57,616.

On the other hand, silver futures (July 3) too witnessed buying optimism, gaining 0.73 per cent or Rs 2,000 to hit an intraday high of Rs 2,72,628 so far.

At the last count, the white metal was trading at Rs 2,72,379, up 0.65 per cent or Rs 1,751. It recorded an intraday low of Rs 2,71,350, which was still higher by 0.26 per cent or Rs 722 against its previous close of Rs 2,70,628.

On the commodity exchange, silver and gold earlier opened at Rs 2,72,603 and Rs 1,57,541, respectively.

Similarly, in the international market, COMEX gold was trading at $4,508.20, up 0.13 per cent. COMEX silver was seen at $77.09, an increase of 0.63 per cent.