Gold prices increased by 1.83% during the week due to ongoing geopolitical uncertainty and fluctuating crude oil prices. MCX gold June futures rose by 0.04%, while MCX silver May futures surged by 1.34%. Currently, gold futures are at Rs 1,52,589 and silver futures at Rs 2,61,999 per kg.
The price of 10 grams of 24-carat gold reached Rs 1,51,078 on Friday, up from Rs 1,48,357 at the beginning of the week, as reported by the India Bullion and Jewellers Association (IBJA). Precious metals saw a continuous increase for four sessions driven by optimism surrounding a potential US-Iran peace deal and a weaker US dollar.
Despite a stronger-than-expected US jobs report showing an increase in employment in April, gold prices were supported by the prospect of easing regional tensions and a weaker dollar in international markets. Gold and silver prices have dropped by nearly 10% since the US-Iran conflict began on February 28.
Market experts suggest that while the broader safe-haven appeal remains strong, the recent rally has slowed down due to a stabilizing dollar and improving risk sentiment. Analysts note that precious metals are experiencing mixed price movements, with gold and silver attempting to stabilize after recent corrections.
West Asian tensions escalated recently, but a ceasefire between US and Iranian forces has been reported. Analysts point out that for MCX Gold, immediate resistance is expected at Rs 1,54,000–Rs 1,55,500, with support near Rs 1,50,000–Rs 1,48,000. For MCX Silver, the Rs 2,65,000 zone serves as immediate resistance, while support is seen near Rs 2,60,000–Rs 2,58,000.
