Gold prices remained stable on Wednesday as improving chances of reduced tensions between the United States and Iran kept investor activity balanced. While gold showed limited movement, silver prices recorded stronger gains
-1776239395152_d.png "West Asia tensions: Gold holds firm while silver gains on strong buying interest")
Gold stable despite global uncertainty, silver shines. Representational Image
Gold prices showed little change on Wednesday, reflecting a cautious mood in the market. In Mumbai, the price of 24 karat gold (99.9 per cent purity) stood at Rs 15,535 per gram.
In futures trading, MCX gold for May delivery rose slightly by 0.02 per cent, reaching Rs 1,53,305 per 10 grams during early trade. In the previous session, gold had ended almost flat at Rs 1,53,216 per 10 grams, indicating a lack of strong momentum.
Silver sees stronger buying
Unlike gold, silver prices witnessed better demand. The price of silver in India was recorded at Rs 270 per gram or Rs 2,70,000 per kilogram.
MCX silver May futures increased by 0.83 per cent to Rs 2,54,842 per kg. However, in the previous session, silver had slipped slightly by 0.1 per cent to Rs 2,25,499 per kg, showing some volatility in recent trading.
Key technical levels to watch
Market experts highlighted important price levels that could influence future movement.
For gold, one analyst said, “a sustained move above Rs 1,55,000 could revive momentum toward Rs 1,57,000–Rs 1,58,000.” On the downside, “a break below Rs 1,54,000 may lead to a corrective move toward Rs 1,52,000 and further to Rs 1,50,000.”
Silver also has clear resistance and support levels. According to experts, “resistance is placed at Rs 2,60,000–Rs 2,63,000, with further upside toward Rs 2,68,000–Rs 2,70,000.” They added that a drop below Rs 2,48,000 could push prices down to the Rs 2,44,000–Rs 2,40,000 range.
Global factors influencing prices
Globally, gold managed to hold on to its recent gains. The main reason behind this stability is growing optimism that tensions between the United States and Iran may ease through negotiations.
The conflict, which began on February 28, had earlier raised fears of disruptions in energy supply and increased inflation. However, signs of a possible diplomatic solution have reduced these concerns, keeping gold prices in check.
Spot gold was trading near USD 4,850 an ounce, after rising up to 0.6 per cent during the session. It had already gained more than 2 per cent in the previous trading session on hopes of renewed talks.
US President Donald Trump indicated that discussions between the two countries could resume “over the next two days,” further supporting market confidence.
Recent pressure on gold
Despite current stability, gold has been under pressure in recent weeks. Prices have fallen nearly 8 per cent since the conflict began.
In the early phase of the crisis, many investors sold their gold holdings due to a liquidity squeeze. They shifted funds to cover losses in other markets, which added downward pressure on the metal.
(With IANS Inputs)
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