- Gold and silver prices remained steady amid a weaker US dollar and cautious sentiment
- Comex gold futures rose $25 to an intraday high of $4,802 while silver held near $75.47
- Iran claimed ceasefire violations and reclosed the Strait of Hormuz, escalating tensions
Gold and silver prices held largely steady on Thursday as support from a weaker US dollar offset cautious sentiment stemming from renewed uncertainty around the US-Iran ceasefire.
On the global front, Comex gold futures rose about $25 per troy ounce to touch an intraday high of $4,802, while silver futures were little changed at $75.47.
Both precious metals had rallied sharply in the previous session after US President Donald Trump announced a ceasefire, boosting safe-haven demand. However, the momentum faded as doubts emerged over the durability of the two-week truce.
Also Read: Explained: Why Crude Is Climbing Back Toward $100 Despite Iran Ceasefire
Iran flagged alleged violations of the ceasefire terms, claiming Israeli strikes on Lebanon breached the agreement. In response, Tehran said it had again shut the Strait of Hormuz after briefly reopening it, though the White House dismissed such reports as “false” and pointed to increased traffic through the key shipping route. Iran has also warned that any escalation in Lebanon could trigger renewed strikes in the Gulf region.
Adding to the uncertainty, Trump said US forces in the Middle East would “remain in place” until what he described as the “REAL AGREEMENT” is fully implemented. Continued control over the Strait of Hormuz is reportedly among Iran's key conditions for a permanent deal, which Trump earlier termed “workable.”
The fragile geopolitical backdrop was reflected across markets, with oil prices rising and equities losing ground. Brent crude hovered near $97 per barrel, up around 4%.
Also Read: Wall Street Bulls To Retreat? US Equity Futures Fall As Cracks In Iran Truce Emerge
Back home, gold futures on the MCX climbed Rs 1,073 per 10 grams to hit an intraday high of Rs 1,53,080, extending gains for a fourth straight session and taking cumulative advances to about 2.2%. Silver futures rose by Rs 814 per kilogram to Rs 2,40,732, recovering over Rs 22,000 from April lows.
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