Gold and silver prices in India opened higher on the Multi Commodity Exchange (MCX) on Thursday, following gains in global bullion prices amid renewed expectations for a resolution to the US-Iran war.
At 9:05 AM, MCX gold price was trading higher by ₹521, or 0.33%, at ₹1,59,040 per 10 grams level, while MCX silver price was up by ₹220, or 0.08%, at ₹2,63,178 per kg.
In the international market, gold prices rose, supported by lower crude oil prices and a weaker dollar.
Spot gold price gained 0.7% to $4,461.09 per ounce, while US gold futures for August delivery rose 0.5% to $4,487.90. Spot silver price rallied 0.6% to $73.13 per ounce.
Hopes of an end to the broader US-Iran war were boosted after Israel and Lebanon agreed to implement a ceasefire to end hostilities.
Moreover, the Republican-led US House of Representatives approved a resolution on Wednesday to block US President Donald Trump from continuing the war against Iran, Reuters reported.
The reports of Israel-Lebanon ceasefire drove crude oil prices lower. Higher oil prices can accelerate inflation and keep interest rates higher for longer. While gold is seen as a hedge against inflation, higher rates tend to weigh on the non-yielding metal.
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