Gold prices in Mumbai continue to surge amid West Asia conflict

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Gold and silver prices surged significantly in the last few days amid escalating conflict in the Middle East, pushing investors toward safe‑haven assets.

MCX gold April futures on Thursday gained 0.31 per cent to Rs 1,62,018 per 10 grams on an intra-day basis. Meanwhile, MCX silver May futures gained 1.50 per cent to Rs 2,69,551 per kg, as reported by news agency IANS.

On the other hand, silver prices for the last few days on MCX had also jumped by 3.3 per cent, while gold advanced over 1 per cent but later dipped over mild profit booking.

Gold Prices in Mumbai

While the escalated West Asia war situation has been impacting the sentiments of the investors, the price of precious metals in Mumbai has also been experiencing a surge in the last few days. Showing marginal change, the gold prices in Mumbai on Friday stood at Rs 1,59,916 for 10 grams of 24-carat gold. Whereas, the price of 22-carat gold in Mumbai on Friday was recorded at Rs 1,46,483 for 10 grams.

Silver jumps by 1.2 per cent on MCX

Spot silver jumped 1.2 per cent to USD 84.43 per ounce, while spot gold climbed 0.8 per cent to USD 5,176.69 per ounce.

The conflict between the United States, Israel and Iran, entering its sixth day, disrupted global energy supply routes and heightened inflation concerns. Further, weakness in the US dollar acted as headwinds to bullion, reported IANS.

Expert opinions

Analysts predicted that silver prices could consolidate between USD 85 and USD 95 before resuming momentum toward USD 100, while gold rallied toward USD 5,500-USD 5,600 levels if the shutdown of the Strait of Hormuz continues, disrupting global energy supply routes.

In the early morning trade, the April contract of the benchmark crude on the Intercontinental Exchange was trading at USD 83.26 per barrel, up by almost 2.43 per cent from its previous close.

While expressing his views on the gold prices, an analyst said, "Gold has support at Rs 1,58,000 and Rs 1,62,000, while resistance is at Rs 1,75,000 and Rs 1,80,000. MCX silver has support at Rs 2,50,000 and Rs 2,70,000, and resistance is at Rs 3,00,000 and Rs 3,20,000," as per IANS.

(With inputs from IANS)