Gold and silver prices saw a surge on Friday as investors engaged in value buying following significant drops in the previous session. MCX gold April futures rose by 1.08% to Rs 1,54,480 per 10 grams intraday, while MCX silver March futures increased by 2.59% to Rs 2,42,564 per kg. Sandip Raichura, CEO of Retail Broking and Distribution and Director, PL Capital, mentioned that gold is on track to reach $6,000 per ounce levels by the end of CY26, recovering from the collapse at the end of January.
Market analysts noted that despite US President Donald Trump’s approval of a trade deal with India and potential talks with Brazil, factors like higher inflation and global economic disparities are driving central bank purchases of gold. Gold is currently supported at Rs 1,54,000 per 10 grams, with silver finding support at Rs 2,42,000 per kg. The market sentiment remains positive, with the recent pullback being viewed as a healthy profit-taking phase rather than a sign of underlying weakness.
In the international market, COMEX Gold is trading within the $4,850–$5,100 range after a correction from recent highs, while COMEX Silver is hovering around $73–$847 following a similar correction from record levels above $121. The dollar index rose to 97 on Friday, up 0.03% from the previous session, as investors await US inflation data for insights into the Federal Reserve’s interest rate plans. Analysts highlighted ongoing supply deficits and industrial demand supporting silver prices, while safe-haven demand and central bank acquisitions are expected to drive a bullish trend in gold for the next few years.
