Mumbai, Feb 18 || Gold and silver prices rose on Wednesday after two consecutive sessions of decline, amid renewed buying interest due to global macro-economic factors.
Easing US-Iran tensions due to progress in negotiations and a firmer US dollar capped gains by weighing on safe-haven demand. Thin liquidity because of Lunar New Year holidays in several Asian markets also acted as headwinds on the rally, market participants said.
MCX gold April futures gained 1.24 per cent to Rs 1,53,294 per 10 grams on an intra-day basis. Meanwhile, MCX silver March futures gained 3.81 per cent to Rs 2,37,490 per kg.
In international markets, gold prices slipped below $4,900, while declining Treasury yields offered limited support and kept sentiment cautious across Commodities.
Iran and the US reached an understanding on key guiding principles to frame future nuclear negotiations, during talks in Geneva, raising hopes of diplomatic progress.
Iranian Foreign Minister Abbas Araghchi described the discussions as more constructive than before, with both sides planning to draft and exchange texts for a potential agreement, though he cautioned that this did not mean a final deal is imminent.