Gold, Silver Rise Up to 3 Percent as Easing Tensions Lift Sentiment
MUMBAI — Gold and silver prices climbed sharply on Friday, rising by as much as 3 percent as easing geopolitical tensions in West Asia boosted investor sentiment.
On the Multi Commodity Exchange, gold futures for April delivery touched an intraday high of Rs 148,302 per 10 grams at around 10:45 a.m., up 2.30 percent, or Rs 3,348. The metal later pared some gains, trading at Rs 147,534, up Rs 2,580, or 1.78 percent. During the session, gold also hit a low of Rs 147,401.
Silver futures for May delivery surged as much as 3.68 percent, or Rs 8,540, to Rs 240,000 per kilogram. The metal recorded an intraday low of Rs 237,300 and was last trading at Rs 236,903, up Rs 5,443, or 2.35 percent.
In global markets, both metals also advanced. Comex gold rose 2.40 percent to $4,716 per ounce, while silver gained 3.61 percent to $73.78 per ounce.
According to Manav Modi, a commodities analyst at Motilal Oswal Financial Services, gold prices stabilized in early trading but are still on track for their worst weekly decline in six years.
He said the recent drop in gold prices was driven by rising inflation expectations tied to the ongoing U.S.-Israel conflict with Iran, along with reduced expectations of interest rate cuts in the near term.
The analyst added that safe-haven demand for gold has been pressured by a stronger U.S. dollar and higher Treasury yields, while elevated oil prices have increased concerns over inflation and potential supply disruptions.
Gold and silver had fallen sharply in the previous session, with gold slipping to around Rs 144,000 per 10 grams and silver to about Rs 220,000 per kilogram.
Market experts said gold is currently trading above key support levels near Rs 147,000, with immediate resistance seen in the Rs 150,000–152,000 range. Silver, meanwhile, remains range-bound, with support near Rs 233,000 and resistance between Rs 243,000 and Rs 246,000. (Source: IANS)
