Key facts
- Gold and silver prices opened higher on Thursday.
- Prices are supported by a weaker U.S. dollar and easing crude oil.
- Investor sentiment is influenced by optimism around a potential Middle East ceasefire.
- MCX silver futures for July 2026 rose Rs 753.
- MCX gold futures for August 2026 gained Rs 840.
Gold and silver prices opened higher on Thursday, with gains attributed to a weaker U.S. dollar and easing crude oil prices. Investor sentiment is also influenced by optimism surrounding a potential resolution to the conflict between the U.S. and Israel with Iran. Specifically, MCX silver futures for July 2026 saw an increase of Rs 753, while gold futures for August 2026 gained Rs 840. Spot gold rose 0.9% to $4,476.07 an ounce, and US Gold Futures advanced 0.8% to $4,502.84 per ounce. The ceasefire deal between Israel and Lebanon depends on Hezbollah halting hostilities, and tensions remain elevated with reported military activity. Oil prices eased, reducing concerns about rising energy costs feeding into inflation. The US Dollar Index edged down 0.1%, making gold cheaper for international buyers. Central banks continue to buy gold, providing structural demand, though ETF outflows and short-term traders have kept prices rangebound. Analysts at Saxo Bank noted key support around $4,425. Attention is turning to Friday's nonfarm payrolls report, with ADP data showing US private employers added 122,000 jobs in May, beating expectations. A separate ISM survey indicated that prices paid by US services businesses jumped to the highest level since 2022, driven by higher petroleum product costs. These data points reinforce expectations that the Federal Reserve may keep interest rates elevated. Silver rose 0.9% to $73.41 per ounce, and platinum gained 1.3% to $1,884.60 per ounce. Copper slipped on global growth concerns, with LME futures down 0.4% and US futures falling 0.6%.