Mumbai, May 25: Gold and silver prices traded higher on Monday, rising up to nearly 2 per cent, supported by a weaker US dollar and softer crude oil prices as investors assessed prospects of progress in US-Iran peace negotiations.

On the Multi Commodity Exchange (MCX), gold futures (June 5) were trading 0.36 per cent or Rs 566 higher at Rs 1,59,245 at 10:48 am.

The yellow metal touched an intraday high of Rs 1,59,500, up 0.51 per cent or Rs 821 from the previous close of Rs 1,58,679. It recorded an intraday low of Rs 1,59,014, reflecting a gain of 0.21 per cent or Rs 335.

Meanwhile, silver futures (July 3) traded higher, surging nearly 2 per cent or Rs 5,400 to hit an intraday high of Rs 2,77,245 so far.

At the last count, the white metal was trading at Rs 2,76,427, up 1.7 per cent or Rs 4,581. It recorded an intraday low of Rs 2,75,428, still higher by 1.31 per cent or Rs 3,582.

Silver and gold had earlier opened at Rs 2,76,683 and Rs 1,59,150, respectively, on the commodity exchange.

According to commodity market experts, MCX gold continued to trade above the Rs 1,59,000 mark with a cautious-to-mildly positive bias.

“Immediate resistance is seen in the Rs 1,59,500-Rs 1,60,000 range, while a sustained breakout could push prices towards Rs 1,61,000. On the downside, support is placed around the Rs 1,58,000-Rs 1,57,500 levels,” they said.

They further said that MCX silver was also holding firm above the Rs 2,76,000 mark amid ongoing volatility, adding that a sustained move above Rs 2,77,000 may support further recovery towards the Rs 2,79,000-Rs 2,80,000 zone, while support is seen near Rs 2,73,000.

“Safe-haven demand and geopolitical developments continue to influence the direction of precious metals,” the experts noted.

In the international market too, precious metals traded higher, with COMEX gold rising 0.75 per cent to $4,557.30 per ounce. COMEX silver was trading over 2 per cent higher at $78.015.

In addition, global crude oil prices declined sharply, with international benchmark Brent crude falling 6 per cent to $97.16 a barrel, while US West Texas Intermediate (WTI) crude tanked more than 6 per cent to $90.33.

Mumbai: Shiv Sena UBT leader Priyanka Chaturvedi on Monday launched a sharp attack on the Centre after petrol prices in Mumbai crossed ₹111 per litre following yet another fuel price hike, the fourth increase in less than two weeks.

Taking a swipe at the soaring rates, Chaturvedi said Mumbai’s petrol prices had now reached the ‘shagun’ figure of Rs 111 and warned that diesel prices in metro cities could soon touch Rs 100 per litre if the current trend continues.

“In Mumbai Petrol price has reached shagun ka 111 number. Diesel reaching 100 in metros in the next price hike… which is likely in the next 24 hours,” Chaturvedi wrote in a post on X.

Her remarks came shortly after state-owned oil companies announced another steep revision in fuel prices amid rising global crude oil rates and escalating geopolitical tensions in West Asia.

Today’s revision saw petrol prices rise by Rs 2.61 per litre and diesel by Rs 2.71, taking the cumulative increase since May 15 to nearly Rs 7.5 per litre. With the latest hike, petrol in Mumbai now costs Rs 111.21 per litre, while diesel has climbed to Rs 97.83 per litre, among the highest retail fuel prices in the country.

The latest fuel surge follows earlier hikes on May 15, May 19 and May 23 after oil companies resumed revisions following a prolonged freeze in retail prices. The repeated hikes are expected to significantly impact Mumbai’s daily commuters, cab and auto-rickshaw drivers, transport operators, delivery services and businesses already struggling with rising operational costs.

Officials have attributed the increases to rising international crude oil prices, disruptions in shipments through the Strait of Hormuz and the impact of geopolitical tensions linked to the Iran conflict.

The sharp rise in fuel prices has also intensified political attacks from Opposition parties, who have accused the government of burdening citizens with back-to-back hikes at a time of rising inflation and household expenses.

Mumbai, May 23: Indian equity benchmarks posted notable gains during the week as sentiments improved over easing crude oil prices and reports of indirect US–Iran talks.

Nifty gained 0.32 per cent during the week and added 0.27 per cent on the last trading day to reach 23,719. At close, Sensex was up 231 points or 0.31 per cent at 75,415. It advanced 0.24 per cent during the week.

“Despite the rebound, investors largely remained cautious, with limited conviction at higher levels continuing to cap upside momentum,” an analyst said.

The IT sector stood out as a clear outperformer, benefiting from attractive valuations following the recent correction.

Realty, cement, and private banks also held up while FMCG and consumer durables underperformed as concerns of WPI pass-through weighed on margins.

Midcap indices outperformed benchmark indices, as Nifty Midcap100 added 1.36 per cent, while Nifty Smallcap100 gained 0.41 per cent during the week.

The rupee found much-needed support as crude prices exhibited a modest pullback over persistent efforts to ease Middle East tensions.

However, fears of tightening monetary policy amidst expectations of higher input inflation provided an upward push for domestic bond yields, analysts said.

The US 30-year Treasury yield climbed to its highest level since 2007 during the week, reflecting growing concerns around sticky inflation, elevated energy prices and rising macroeconomic uncertainty.

It reinforced concerns that higher-for-longer interest rates could continue to pressure global liquidity conditions and risk assets.

Nifty 50 is expected to see the 23,800–24,000 region as a strong resistance zone and the 23,400–23,300 region remains a crucial support area, market participants said.

In Bank Nifty, immediate resistance is placed around the 54,200 level and the 53,600–53,500 region continues to act as an immediate support zone.

Foreign institutional investors (FIIs) largely remained net sellers, with cumulative outflows at around Rs 7,570 crore, a market participant said.

Investors remain keen on cues from India’s April IIP print, which will offer clues on whether recent manufacturing softness is a passing or persistent concern.

The RBI’s June policy decision and the US core PCE data are also key triggers for the market. A higher PCE print would push back expectations of US Fed rate cuts, limiting the prospect of meaningful FII inflows into emerging markets.