Gold prices remained stable on Wednesday, with MCX gold May futures showing a slight increase of 0.02% at Rs 1,53,305 per 10 grams during early trade. Analysts suggest that a sustained rise above Rs 1,55,000 could push prices towards Rs 1,57,000-Rs 1,58,000, while a drop below Rs 1,54,000 might lead to corrections down to Rs 1,52,000 and Rs 1,50,000.
On the other hand, silver prices witnessed stronger buying interest, with MCX silver May futures climbing 0.83% to Rs 2,54,842 per kg. Market experts point out resistance levels at Rs 2,60,000–Rs 2,63,000 and further upside potential towards Rs 2,68,000–Rs 2,70,000. A sustained move above these levels could strengthen momentum, while a decline below Rs 2,48,000 may trigger corrections to the Rs 2,44,000–Rs 2,40,000 range.
In the previous session, gold closed flat at Rs 1,53,216 per 10 grams, while silver futures dipped 0.1% to Rs 2,25,499 per kg. Globally, gold maintained recent gains on hopes of a diplomatic resolution between the US and Iran, with spot gold hovering near $4,850 an ounce. The metal had surged over 2% in the previous trading session amid expectations of ceasefire talks between the US and Iran.
US President Donald Trump’s indication of potential negotiations in the next two days has further boosted hopes for a diplomatic breakthrough. Despite recent stability, gold has faced downward pressure, dropping nearly 8% since the conflict began. Initially, a liquidity crunch led investors to sell off gold holdings to cover losses in other asset classes.
