Gold and silver prices experienced a significant increase on Friday, with both precious metals rising by 3% amidst hopes of reduced tensions in West Asia. On the Multi Commodity Exchange (MCX), gold futures for April 2 reached a high of Rs 1,48,302 per 10 grams, marking a 2.30% increase or Rs 3,348. The current trading value for gold stands at Rs 1,47,534, reflecting a rise of Rs 2,580 or 1.78%.
Similarly, silver futures for May 5 surged by 3.68%, or Rs 8,540, to reach Rs 2,40,000 per kg. The metal was last traded at Rs 2,36,903, showing an increase of Rs 5,443 or 2.35%. In the global market, both gold and silver also saw an uptrend, with Comex gold climbing by 2.40% to $4,716 per ounce and silver gaining 3.61% to $73.78 per ounce.
According to Manav Modi, a commodities analyst at Motilal Oswal Financial Services, gold prices initially stabilized but are on track for their most significant weekly decline in six years. The recent drop in gold prices is attributed to rising inflation expectations due to the US-Israel conflict with Iran and reduced prospects of immediate interest rate cuts.
Experts note that MCX gold is currently trading above crucial support levels near Rs 1,47,000, with resistance levels expected in the Rs 1,50,000–1,52,000 range. Meanwhile, silver is in a range-bound state, with support near Rs 2,33,000 and resistance around Rs 2,43,000–2,46,000.
