Gold, Silver Jump as Geopolitical Developments Drive Safe-Haven Demand
MUMBAI — Gold and silver prices surged on Wednesday, with both metals posting sharp gains as investors reacted to fresh developments in the West Asia conflict and shifting geopolitical signals.
On the Multi Commodity Exchange, gold futures for April delivery climbed as much as Rs 5,658, or about 4 percent, to an intraday high of Rs 1,44,570 per 10 grams. The contract was later trading at Rs 1,44,410, up Rs 5,498, or 3.96 percent.
Silver futures for May delivery rose even more sharply, jumping around 6 percent, or Rs 13,228, to hit an intraday high of Rs 2,14,500 per kilogram.
In global markets, COMEX gold was trading at $4,633.17, up 4.48 percent, while COMEX silver gained 7.5 percent to $74.8.
Analysts said gold remains firm within a trading range of Rs 1,43,000 to Rs 1,45,000, signaling underlying strength. Immediate resistance is seen near Rs 1,48,000, with potential upside toward Rs 1,55,000 to Rs 1,57,000, while support is placed in the Rs 1,37,000 to Rs 1,40,000 range.
Silver also continues to show strength, with resistance around Rs 2,40,000 and key support near Rs 2,27,000.
Market participants are maintaining a cautiously positive outlook on precious metals, with many favoring a “buy on dips” strategy as long as support levels hold. Analysts said ongoing geopolitical uncertainty is likely to keep volatility elevated.
The rally comes amid reports that the U.S. administration has proposed a 15-point ceasefire plan to Iran, while also preparing to deploy additional troops to the Middle East.
According to reports, intermediaries from Pakistan have conveyed the proposal and offered to host renewed negotiations between Washington and Tehran.
U.S. President Donald Trump said recently that Washington and Tehran had held “very good and productive conversations,” adding that any military action targeting Iran’s energy infrastructure would be delayed for five days to allow for further discussions. However, Iran’s parliamentary speaker Mohammad-Bagher Ghalibaf has denied that talks are taking place. (Source: IANS)
