• Source:JND
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Gold, Silver Rate Today: The prices of precious metals--Gold and Silver--jumped significantly on Wednesday, mirroring the rally in the equity market after the US and Iran agreed to a two-week ceasefire. The MCX Gold, June 5 expiry, rose over Rs 4,000 to a high of Rs 1.43,934 per 10 grams as compared to last day's closing of Rs 1,50,289.

Similarly, MCX Silver, May 5 expiry, escalated over Rs 15,000 to a high of Rs 2,46,376 per kilogram from the previous session's closing of Rs 2,31,348.

At around 5:15 PM, MCX Silver was at Rs 2,45,750, up Rs 14,402, up 6.2 per cent. MCX Gold was quoted at Rs 1,53,170, up Rs 2,881 or 1.92 per cent.

“Gold traded sharply higher with gains of around Rs 2,900 at Rs 153000, tracking strength in COMEX gold near $4800, although rupee appreciation capped further upside in MCX. The rally is largely driven by relief sentiment after the US–Iran ceasefire, which led to a sharp 15 per cent correction in crude prices, supporting broader risk assets," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Also Read: OMC Stocks Skyrocket On Sharp Decline In Crude Prices After US-Iran Ceasefire

However, according to Trivedi, this move is more of a relief rally and short covering, as uncertainty still persists regarding the durability of the ceasefire and reopening of key supply routes.

"Technically, resistance is seen near Rs 155500, while support is placed around Rs 149000. Gold is expected to remain volatile, with direction dependent on further geopolitical clarity and macro cues," the analyst noted.

Gold and Silver Rate In International Market

Bullion prices soared high in the International Market as well. At the time of writing, COMEX Gold was trading at $4,811 per ounce, up $126.30 or 2.70 per cent. COMEX Silver was quoted at $77.310, $5.32 or 7.39 per cent.

Stock Market Settle Sharply Higher

Domestic Equity benchmark indices settled the session nearly 4 per cent higher on a significant rally in global markets and a massive decline in crude oil prices after the US and Iran announced a two-week ceasefire.

Also Read: FMCG Stock Under Rs 50 Breaks Losing Streak Amid Broad-Based Rally, Check Share Price History

Continuing its upward trend, the 30-stock BSE Sensex index jumped 2,946.32 points, or 3.95%, to close at 77,562.90. For the day, it gained 3,018.96 points, or 4%, to reach 77,635.54.

The 50-stock NSE Nifty index rose 873.70 points, or 3.78%, to finish at 23,997.35.


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