Mumbai: Gold and silver prices surged on Friday, driven by safe-haven demand amid persistent uncertainty and fading hopes of de-escalation in the West Asia conflict.
Gold futures for April 2 delivery jumped as much as 2.27 per cent, or Rs 3,167, to hit an intraday high of Rs 1,42,660 per 10 grams on the Multi Commodity Exchange (MCX) around 11:20 AM. The yellow metal was later trading at Rs 1,42,500, up Rs 3,007 or 2 per cent.
During the session, gold touched an intraday low of Rs 1,40,287, still reflecting gains of 0.56 per cent or Rs 794.
Silver futures (May 5) also rallied sharply, rising up to 3.65 per cent to touch an intraday high of Rs 2,27,901 per kg on the MCX. The white metal hit a low of Rs 2,23,515 earlier in the session and was trading at Rs 2,27,799, up Rs 7,925 or around 3 per cent at the last count.
Analysts said the rise in precious metals was supported by geopolitical tensions, which have kept risk sentiment fragile and boosted demand for safe-haven assets.
In the international market, COMEX gold was trading in the $4,400–$4,500 range, holding above key short-term moving averages, though the broader trend remains volatile.
“A sustained move above $4,600 could push prices towards $4,750, while a break below $4,300 may trigger fresh weakness,” according to them.
On the domestic front, MCX gold continues to hold above the Rs 1,40,000 support level, indicating underlying strength despite intraday volatility.
The analysts see immediate resistance at Rs 1,45,000, with a breakout potentially driving prices towards Rs 1,48,000–Rs 1,50,000.
Similarly, COMEX silver is holding above the $66–$68 support zone, with resistance seen around $72–$74. A sustained move above $75 could extend gains towards $79–$80, according to experts.
MCX silver remains firm above Rs 2,24,000, with immediate resistance at Rs 2,30,000. A breakout above this level could push prices towards Rs 2,37,000–Rs 2,40,000, while a fall below Rs 2,18,000 may trigger profit booking.
Analysts added that precious metals are likely to remain volatile in the near term, with global macroeconomic cues and geopolitical developments continuing to drive price movements.
Meanwhile, global oil prices declined more than 2 per cent, with Brent crude futures trading around $100 per barrel.
(IANS)
