Gold and silver prices witnessed fresh volatility as a strong US dollar and profit-booking pressured futures, while tariff uncertainty and US-Iran peace talks limited the downside. Gold prices in Mumbai also surges marginally on Wednesday
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Gold and silver prices, after experiencing a decline on Tuesday, were on an upward trajectory on Wednesday. The high volatility in gold and silver is mainly because of the uptick in the US dollar and profit‑taking after huge gains in the previous session.
As reported by news agency IANS, investors weighed in on tariff uncertainty and ongoing US-Iran peace talks, which capped the decline in prices.
MCX gold April futures dipped 0.58 per cent to Rs 1,60,664 per 10 grams around 10.50 am on an intraday basis. Meanwhile, MCX silver March futures declined 0.33 per cent to Rs 2,64,450 per kg.
Gold prices in Mumbai
While high volatility in the commodity market continues to persist globally, gold prices in Mumbai experienced a marginal hike. With an increase of Rs 430 from Tuesday, prices of 24-carat gold in Mumbai on Wednesday were recorded at Rs 1,62,070 for 10 grams. Whereas, the price of 22-carat gold was recorded at Rs 1,48,590 for 10 grams, experiencing a hike of Rs 400.
Gold MCX
On Comex, gold futures for April delivery fell 1.1 per cent to USD 5,170.70 an ounce, while spot gold dropped 1.5 per cent to USD 5,150.38, retreating from a three‑week high earlier in the day. Spot silver plunged 3.1 per cent to USD 85.50 per ounce, after hitting a two‑week high in the previous session, as per IANS.
The dollar index surged 10.19 per cent on an intra-day basis to 97.89, making bullion more expensive for holders of other currencies. The medium- and long-term outlook remains constructive, supported by industrial demand and structural supply constraints despite volatility, they added.
An analyst, while commenting on the gold price volatility, said, "Gold has support at Rs 1,60,600 and Rs 158,800, while resistance is at Rs 1,63,300 and Rs 1,65,000. MCX silver has support at Rs 2,61,000 and Rs 2,56,600, and resistance is at Rs 2,70,000 and Rs 2,78,000," as cited by IANS.
Stock market opens in green
After experiencing an extremely volatile past few days, the Indian stock market on Wednesday rebounded at the opening session. Equities recovered from the oversold category and eased concerns related to artificial intelligence (AI), although uncertainty continues due to global developments.
Indian benchmark indices opened in positive territory. The Nifty 50 index opened at 25,512.60 with a gain of 87.95 points, or 0.35 per cent, whereas the BSE Sensex opened at 82,530.22, rising by 304.30 points, or 0.37 per cent, reported ANI.
(With inputs from IANS)
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