Gold and silver prices saw a significant surge on Friday due to safe-haven demand amidst ongoing uncertainty and diminishing hopes of easing tensions in West Asia. Gold futures for April 2 delivery spiked by 2.27%, reaching an intraday high of Rs 1,42,660 per 10 grams on the Multi Commodity Exchange (MCX) around 11:20 AM. Silver futures for May 5 also experienced a sharp rally, climbing up to 3.65% to touch an intraday high of Rs 2,27,901 per kg on the MCX.
During the trading session, gold hit an intraday low of Rs 1,40,287, reflecting gains of 0.56% or Rs 794. The white metal, silver, reached a low of Rs 2,23,515 earlier in the session and was trading at Rs 2,27,799, up Rs 7,925 or approximately 3% at the latest update. Analysts attributed the surge in precious metal prices to geopolitical tensions, which have heightened risk sentiment and increased the demand for safe-haven assets.
In the international market, COMEX gold was trading in the $4,400–$4,500 range, maintaining levels above key short-term moving averages, despite ongoing volatility in the broader trend. Analysts suggested that a sustained move above $4,600 could drive prices towards $4,750, while a drop below $4,300 might lead to renewed weakness. On the domestic front, MCX gold continued to hold above the Rs 1,40,000 support level, indicating underlying strength amid intraday fluctuations.
Experts noted that precious metals are expected to remain volatile in the near term, with global macroeconomic indicators and geopolitical developments influencing price movements. Meanwhile, global oil prices witnessed a decline of over 2%, with Brent crude futures trading around $100 per barrel.
