New Delhi, August 6, 2026 (Yes Punjab News)
Gold prices surged to a seven-week high on Thursday as lower US Treasury yields boosted demand for the precious metal as a safe-haven asset, even as expectations of a possible US-Iran agreement raised hopes of easing geopolitical tensions in West Asia.
On the Multi Commodity Exchange (MCX), gold futures for October 5 delivery opened 0.36 per cent higher at Rs 1,49,029 per 10 grams, gaining Rs 536. The contract later touched an intraday high of Rs 1,49,700, marking a rise of 0.81 per cent or Rs 1,207 by 12:10 pm.
Silver futures also witnessed buying interest in early trade. The September 4 silver contract touched an intraday high of Rs 2,28,397 per kg, up Rs 813 or 0.35 per cent from the previous close of Rs 2,27,584. However, it later traded lower at Rs 2,26,580, down Rs 1,004 or 0.44 per cent.
In the international market, COMEX gold was trading 0.36 per cent higher at $4,320 per ounce, while COMEX silver stood at $62.36 per ounce, up 0.12 per cent.
The rise in gold prices came despite reports suggesting that the Strait of Hormuz could reopen and comments from US President Donald Trump indicating that Washington was looking to reach an agreement with Iran.
Market analysts said expectations of reduced tensions in West Asia could bring down crude oil prices, ease inflation concerns and reduce pressure for near-term monetary tightening in the US, which in turn pushed Treasury yields lower and supported gold prices.
For MCX gold, analysts identified immediate resistance levels at Rs 1,50,000-Rs 1,50,700, with a breakout potentially opening the way towards Rs 1,52,200-Rs 1,52,800. The immediate support zone is seen at Rs 1,48,600-Rs 1,48,000, followed by Rs 1,46,600-Rs 1,46,000.
Experts said gold has moved decisively above key exponential moving averages (20, 50, 100 and 200), indicating stronger short-term momentum after weeks of consolidation. The outlook remains positive above Rs 1,49,000, with a sustained move above that level likely to support further gains.
For silver, analysts said a sustained move above Rs 2,29,000 could push prices towards the next resistance zone of Rs 2,31,500-Rs 2,32,500. Immediate support remains at Rs 2,25,000-Rs 2,24,000, followed by Rs 2,22,000-Rs 2,21,000.
Meanwhile, Brent crude, the global oil benchmark, declined 0.51 per cent to trade below $80 per barrel, while US West Texas Intermediate (WTI) crude fell nearly 1 per cent to below $75 per barrel.
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