Mumbai: Gold and silver prices witnessed a strong surge on Wednesday amid easing tensions in the West Asia conflict.
On the Multi Commodity Exchange (MCX), gold futures (April 2) advanced as much as Rs 5,658 or about 4 per cent to an intraday high of Rs 1,44,570 per 10 grams by 10:26 am. The yellow metal was later trading at Rs 1,44,410, up Rs 5,498 or 3.96 per cent.
Similarly, silver futures (May 5) jumped around 6 per cent or Rs 13,228, hitting an intraday high of Rs 2,14,500 per kg during the session.
In the international market, COMEX gold was trading at $4,633.17, up 4.48 per cent, while COMEX silver rose 7.5 per cent to $74.8.
According to analysts, MCX gold is hovering in the Rs 1,43,000–Rs 1,45,000 band, indicating underlying strength. They see immediate resistance at Rs 1,48,000, with potential upside towards Rs 1,55,000–Rs 1,57,000, while support is placed at Rs 1,37,000–Rs 1,40,000.
Silver too, remains firm across markets. MCX silver faces resistance at Rs 2,40,000, while key support lies near Rs 2,27,000, they said.
Overall, analysts maintain a cautiously positive outlook on precious metals, suggesting a ‘buy-on-dips’ strategy as long as key support levels hold, with geopolitical developments expected to continue driving volatility.
Precious metals have witnessed such gains as several reports claimed that the US administration has offered a 15-point ceasefire plan to Iran, while the US military prepared to send at least 1,000 more troops to supplement some 50,000 troops already in the Middle East.
The reports also said that the plan was submitted to Iran by intermediaries from Pakistan, who have offered to host renewed negotiations between Washington and Tehran.
Earlier, the US President Donald Trump said Washington and Tehran had held “very good and productive conversations” in recent days, adding that any military action targeting Iran’s power plants and energy infrastructure would be deferred for five days, pending further discussions. However, Iran’s parliamentary speaker Mohammad-Bagher Ghalibaf dismissed reports of talks.
(IANS)
