New Delhi, May 7 (BNP): Gold and silver prices rose by up to 1% on Thursday as global markets reacted to rising crude oil prices and ongoing geopolitical uncertainty linked to US–Iran negotiations, according to market data.

On the Multi Commodity Exchange (MCX), June gold futures touched an intraday high of ₹1,52,887, gaining 0.49%, while silver futures for July climbed as much as 1.49% to ₹2,57,055 during the session.

Internationally, precious metals also traded in positive territory. COMEX gold rose to around $4,703 per ounce, while silver gained over 1% to trade near $78.17 per ounce.

Analysts attributed the upward movement to continued safe-haven demand amid global uncertainty, including tensions in West Asia and concerns surrounding the ongoing US–Iran discussions. Market sentiment has been influenced by reports of negotiations involving nuclear-related commitments and strategic maritime routes.

A weaker US dollar, with the index trading below the 98 mark, also supported the rally in precious metals by making them more attractive to global buyers.

At the same time, rising crude oil prices added to inflationary concerns, further boosting demand for gold and silver as defensive assets. Brent crude traded above $102 per barrel, while WTI also recorded gains.

Market experts say precious metals may continue to remain supported in the near term, driven by geopolitical risks, currency movements, and energy market volatility.