Gold and silver prices saw a significant increase of almost 4% this week, driven by ongoing geopolitical tensions and fluctuating crude oil prices. On the Multi Commodity Exchange (MCX), gold futures for June 5 rose by 3.94%, settling at Rs 1,58,547 on Friday. Similarly, silver futures for July 3 ended 3.8% higher at Rs 2,71,886 on the commodity exchange.
During the week, gold experienced a surge of up to 7.84%, reaching an intraday high of Rs 1,64,497 on May 13. Conversely, it also saw a decline of 0.67% to a low of Rs 1,51,500 on May 11. Silver prices surged by as much as 16.40% to touch Rs 3,04,891 on May 13 but later dropped by 0.35% to Rs 2,60,986 on May 11.
Market experts noted that MCX gold futures traded within the range of Rs 1,58,000-1,59,000, facing selling pressure from higher levels while maintaining an overall positive trend. Analysts highlighted that gold’s immediate resistance lies around Rs 1,60,000-1,61,000, with crucial support at Rs 1,55,000-1,54,000.
MCX silver futures are currently trading in the range of Rs 2,70,000-2,72,000 after profit booking from recent highs near Rs 3,05,000. Despite volatility, silver is holding above key support levels, indicating buying interest during declines. Immediate resistance for silver is anticipated around Rs 2,80,000-2,84,000, with near-term support at Rs 2,65,000-2,60,000.
According to the India Bullion and Jewellers Association (IBJA), the price of 10 grams of 24-carat gold stood at Rs 1,58,159 on Friday.
