Gold and silver prices experienced a significant increase on Wednesday with the calming of tensions in West Asia. On the Multi Commodity Exchange (MCX), gold futures for April 2 surged by about 4% to reach Rs 1,44,570 per 10 grams, later stabilizing at Rs 1,44,410, up by 3.96%. Similarly, silver futures for May 5 saw a jump of around 6%, hitting an intraday high of Rs 2,14,500 per kg.
In the international market, COMEX gold was trading at $4,633.17, up by 4.48%, while COMEX silver rose by 7.5% to $74.8. Analysts noted that MCX gold is currently trading between Rs 1,43,000–Rs 1,45,000, showing underlying strength, with immediate resistance at Rs 1,48,000 and potential upside towards Rs 1,55,000–Rs 1,57,000, while support levels are at Rs 1,37,000–Rs 1,40,000.
Silver also remains strong in various markets, facing resistance at Rs 2,40,000 on MCX, with key support near Rs 2,27,000. Analysts maintain a cautiously positive outlook on precious metals, recommending a ‘buy-on-dips’ strategy as long as key support levels hold, with geopolitical factors likely to drive volatility.
The surge in precious metals prices follows reports suggesting a 15-point ceasefire plan offered by the US administration to Iran. Additionally, the US military is preparing to deploy more troops to the Middle East. President Donald Trump mentioned positive discussions with Iran, delaying any military action against Iran’s power plants for five days pending further talks. However, Iran’s parliamentary speaker dismissed reports of ongoing negotiations.
