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What is the story about?
Gold prices climbed on Thursday (June 4), with the benchmark August contract on the Multi Commodity Exchange (MCX) rising ₹926, or 0.58%, to ₹1.59 lakh per 10 grams amid fresh buying by traders and strength in global markets.
Silver prices also traded higher, tracking gains in precious metals as investors sought safe-haven assets amid geopolitical uncertainties.
Analysts said renewed tensions in the West Asia and a decline in crude oil prices supported bullion prices.
According to Gaurav Garg, Research Analyst at Lemonn Markets Desk, gold prices gained as investors moved towards safe-haven assets amid uncertainty in global markets.
In overseas markets, Comex gold futures for August delivery advanced by $32.55, or nearly 1%, to $4,499 per ounce. Gold rebounded above $4,470 per ounce after Israel and Lebanon agreed to a conditional ceasefire, improving risk sentiment.
However, reports of Israeli strikes in southern Lebanon shortly after the announcement limited further gains in bullion prices.
Market participants are now awaiting comments from US Federal Reserve Governor Michelle Bowman and weekly US jobless claims data for signals on the future interest-rate path and its impact on precious metals.
The rally comes amid a broader shift in global gold demand trends.
Consultancy Metals Focus said physical investment demand is expected to overtake jewellery demand this year for the first time, as elevated prices continue to weigh on jewellery purchases. The firm expects physical gold investment demand to rise 15% in 2026 to the highest level since 2013, while jewellery demand is projected to decline by 11%.
Metals Focus also expects gold prices to remain supported over the longer term and forecasts the average gold price to rise to a record $4,920 per ounce in 2026, citing continued geopolitical and economic uncertainty.
Separately, analysts at Julius Baer said gold has become the largest asset in central bank reserves, accounting for 27% of total reserves at the end of 2025. The wealth manager said continued buying by emerging-market central banks remains one of the strongest structural drivers for the gold market and expects demand to remain robust despite near-term volatility linked to geopolitical developments.
-With agencies inputs
Silver prices also traded higher, tracking gains in precious metals as investors sought safe-haven assets amid geopolitical uncertainties.
Analysts said renewed tensions in the West Asia and a decline in crude oil prices supported bullion prices.
According to Gaurav Garg, Research Analyst at Lemonn Markets Desk, gold prices gained as investors moved towards safe-haven assets amid uncertainty in global markets.
In overseas markets, Comex gold futures for August delivery advanced by $32.55, or nearly 1%, to $4,499 per ounce. Gold rebounded above $4,470 per ounce after Israel and Lebanon agreed to a conditional ceasefire, improving risk sentiment.
However, reports of Israeli strikes in southern Lebanon shortly after the announcement limited further gains in bullion prices.
Market participants are now awaiting comments from US Federal Reserve Governor Michelle Bowman and weekly US jobless claims data for signals on the future interest-rate path and its impact on precious metals.
The rally comes amid a broader shift in global gold demand trends.
Consultancy Metals Focus said physical investment demand is expected to overtake jewellery demand this year for the first time, as elevated prices continue to weigh on jewellery purchases. The firm expects physical gold investment demand to rise 15% in 2026 to the highest level since 2013, while jewellery demand is projected to decline by 11%.
Metals Focus also expects gold prices to remain supported over the longer term and forecasts the average gold price to rise to a record $4,920 per ounce in 2026, citing continued geopolitical and economic uncertainty.
Separately, analysts at Julius Baer said gold has become the largest asset in central bank reserves, accounting for 27% of total reserves at the end of 2025. The wealth manager said continued buying by emerging-market central banks remains one of the strongest structural drivers for the gold market and expects demand to remain robust despite near-term volatility linked to geopolitical developments.
-With agencies inputs
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