Gold and silver prices extended their rally this week as escalating Middle East tensions boosted safe-haven demand. Gold futures on MCX crossed Rs 1.65 lakh, while silver futures moved toward the Rs 3 lakh mark amid volatility and supply concerns in global commodity markets
Representational image. File pic
Gold and silver on Saturday maintained their bullish momentum this week as escalating geopolitical tensions in the Middle East spurred safe-haven buying and heightened volatility across the broader commodities basket.
As reported by news agency IANS, despite intermittent intra-day pullbacks and profit-taking, the trend structure for precious metals remains decisively bullish.
Gold futures (April 2) on MCX extended their upward trajectory, breaking the Rs 1,65,000 resistance and trading at Rs 1,69,880. On Friday, they closed on a flat note at Rs 1,61,675, slightly below the previous close.
Gold prices in Mumbai
Amid the escalating global turmoil after the US-Israel launched attack on Iran, the prices of gold in major Indian cities have also been experiencing a sudden surge. On Saturday, the 24-carat gold in Mumbai was recorded at Rs 1,63,640 for 10 grams. On the other hand, the price of 22-carat gold in Mumbai stood at Rs 1,50,000 for 10 grams. While the price is on an upward trajectory, the demand for the yellow metal remains uncertain.
Silver futures
Silver futures (May 5) on MCX also continued their upward momentum, breaking above Rs 2,85,000 and trading near the Rs 3,00,000 level amid elevated volatility, as per IANS.
Expert opinions
According to Ponmudi R, CEO of Enrich Money, gold and silver approached record highs before experiencing mild corrections, while crude oil surged sharply due to supply disruption concerns.
Traders have shown increased participation near key breakout levels, though elevated volatility underscores the need for disciplined risk management, he added.
Momentum indicators suggest sustained trend strength, with gold likely to continue toward Rs 1,70,000 if support holds, while a drop below Rs 1,57,000 could extend corrective pressure toward Rs 1,50,000.
The Rs 2,55,000–Rs 2,65,000 range now serves as a strong demand zone for silver, Ponmudi noted. “Price action remains constructive, with the potential to extend toward Rs 3,00,000–Rs 3,05,000, while a drop below Rs 2,60,000 could trigger short-term consolidation.”
Gold Futures
Meanwhile, COMEX gold futures traded firm this week, settling in the USD 5,158–USD 5,181 range, up from the prior close of USD 5,078–USD 5,099.
COMEX silver futures also saw strong upside, closing around USD 84.31, after hitting session highs of USD 85.34 and lows of USD 81.79.
(With inputs from IANS)
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