16 April,2026 07:00 PM IST | Mumbai | mid-day online correspondent
Gold and silver rally amid easing geopolitical tensions. Representational Image
Gold prices increased on Thursday as traders created fresh positions amid firm demand in the physical market. On the Multi Commodity Exchange (MCX), gold futures for April delivery rose by Rs 851, or 0.55 per cent, to Rs 1,54,799 per 10 grams, with a business turnover of 1,064 lots.
On MCX, silver futures jumped up to 1.58 per cent, or Rs 3,993, to reach an intraday high of Rs 2,55,735. Later, silver was trading at Rs 2,54,997, up Rs 3,255 or 1.3 per cent, after hitting a low of Rs 2,53,720 earlier in the session.
In Mumbai's spot market, gold prices stood at Rs 15,557 per gram for 24 karat, while silver was priced Rs 2.7 lakh for one kg in early trade.
During intra-day trading, the June 5 gold contract climbed as much as Rs 1,042, or 0.67 per cent, reaching a high of Rs 1,54,990. It was later trading at Rs 1,54,911, up Rs 963 or 0.63 per cent, after touching a low of Rs 1,54,501 earlier in the day.
Globally, gold futures also showed strength, rising 0.77 per cent to USD 4,828.17 per ounce in New York, reported PTI.
Analysts noted that buying interest remains strong at lower levels. One expert said, "Gold is trading in the Rs 1,54,500-Rs 1,55,000 range with buying interest at lower levels," reported IANS. They added that a sustained move above Rs 1,55,000 could push prices towards Rs 1,57,000 to Rs 1,58,000 range. On the downside, if prices fall below Rs 1,54,000, gold could correct to Rs 1,52,000-Rs 1,51,000, and possibly even Rs 1,48,000.
Silver prices also saw a sharp rise, supported by safe-haven demand and strength in industrial metals.
Experts said silver is currently holding above Rs 2.54 lakh, indicating a positive sentiment. Resistance is seen between Rs 2.6 lakh and Rs 2.63 lakh, with further upside potential towards Rs 2.68 lakh-Rs 2.7 lakh. However, if prices fall below Rs 2.5 lakh, silver may correct towards Rs 2.44 lakh-Rs 2.40 lakh.
The rise in gold and silver prices came even as hopes of easing geopolitical tensions improved market sentiment. US President Donald Trump indicated possible progress in reducing tensions in West Asia. In a post, he said efforts were being made to create "a little breathing room between Israel and Lebanon," and mentioned that talks between the two sides could happen soon.
He also noted that China was supportive of keeping the Strait of Hormuz open, saying, "I am doing it for them also and the world. This situation will never happen again."
According to commodity experts, overall sentiment in precious metals remains mildly positive. Macroeconomic factors are providing support, but the market still needs stronger momentum for a sustained upward trend, reported the news agency.
For now, both gold and silver are trading within key ranges, and future movement will depend on global developments, demand trends, and investor sentiment.
(With IANS Inputs)
