Gold and silver prices reached record highs on Friday, boosted by a weakening US dollar and escalating geopolitical tensions, particularly related to potential US intervention in Iran. MCX gold February futures surged by 1.23% to Rs 1,58,261 per 10 grams, while MCX silver March futures rose by 2.63% to Rs 3,35,900 per kg around 11.25 am. In international markets, gold remained near historic highs, hovering around the $4,951 mark after hitting a fresh record at $4,967.
Analysts noted that the previous resistance band of $4,900–$4,940 has now transformed into a support zone, with a positive outlook driven by consistent central-bank buying and expectations of accommodative global liquidity. Additionally, COMEX silver also surged to new all-time highs, reaching close to $98.92 before consolidating in the $98.30–$98.70 range following some profit booking activities.
US President Donald Trump mentioned that the US has a naval group en route to Iran, although he expressed hope that military action would not be necessary. Reports indicated that the US aircraft carrier USS Abraham Lincoln and multiple guided-missile destroyers are set to arrive in the Middle East in the near future. The recent rebound in precious metals was partly influenced by signals suggesting that certain European countries might decrease their exposure to US Treasuries.
Rahul Kalantri, VP Commodities at Mehta Equities Ltd., outlined key price levels for gold and silver, stating that gold has support at Rs 1,54,650–Rs 1,52,310 and resistance at Rs 1,58,850–Rs 1,60,150, while silver has support at Rs 3,20,810–Rs 3,10,170 and resistance at Rs 3,31,810–Rs 3,37,470. Moreover, a recent report from Motilal Oswal Financial Services Ltd. (MOFSL) highlighted silver’s remarkable rally of over 200% in the past year, surpassing gold’s 80% surge, potentially favoring gold in the short term.
The report also suggested that silver’s significant surge from Rs 60,000 to Rs 3,20,000 could lead to a period of consolidation at elevated levels or prompt market participants to rebalance their positions, considering the substantial price increase.
