28 March,2026 02:04 PM IST | New Delhi | mid-day online correspondent
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Gold prices recorded a strong weekly gain of 5.77 per cent, supported by ongoing geopolitical tensions and a pullback in crude oil prices. The rise reflects renewed investor interest in safe-haven assets amid global uncertainty and shifting commodity trends, reported news agency IANS.
According to data from the India Bullion and Jewellers Association, the price of 10 grams of 24-carat gold increased to Rs 1,42,942 on Friday, up from Rs 1,35,141 at the beginning of the week, reported IANS.
On the Multi Commodity Exchange, gold April futures edged up 0.15 per cent on Friday, while silver May futures saw a slight decline of 0.09 per cent. Gold futures were trading around Rs 1,44,500, whereas silver futures stood at Rs 2,27,750 per kilogram, reported IANS.
Despite the weekly gains, gold prices saw a marginal dip on the last trading day due to a stronger US dollar, which typically weighs on bullion markets.
Internationally, gold prices remained volatile. While COMEX gold managed to stay above USD 4,500 per troy ounce, elevated US Treasury yields reduced the appeal of non-yielding assets like gold during the week, reported IANS.
Analysts noted that some investors sold bullion to cover losses in riskier assets, leading to short-term corrections. However, the broader trend remains positive due to continued central bank purchases and persistent geopolitical risks.
A key factor supporting gold's rebound was the decline in Brent crude oil prices, which fell from near USD 120 per barrel to around USD 93 earlier in the week. This easing in oil prices helped reduce inflation concerns and allowed gold to recover from oversold levels, reported IANS.
Market participants believe that the cooling of crude prices has provided temporary stability to commodities, enabling gold to regain upward momentum.
Experts caution that near-term volatility is expected to remain high, driven by developments in the Middle East, fluctuations in crude oil prices, and signals from central banks.
Gold prices on MCX are currently hovering near key support levels after a sustained multi-week rally. The Rs 1,36,000 to Rs 1,40,000 range is seen as a strong support zone, while resistance is expected in the Rs 1,55,000 to Rs 1,60,000 range.
Analysts suggest that while short-term fluctuations may continue, the overall outlook for gold remains supported by macroeconomic uncertainty and global risk factors.
(With inputs from IANS)
