In a classic flight to safety, Middle East geopolitical flare-ups have propelled gold and silver prices skyward, with domestic futures nearing historic milestones. Investors piled into these assets, pushing MCX gold to a high of 1,69,880 this week and silver tantalizingly close to 3 lakhs.
Volatility defined trading, with brief downticks offset by robust buying. April gold closed at 1,61,675 on Friday, dipping slightly yet holding firm. May silver futures surged beyond 2,85,000, navigating wild swings toward the 3 lakh mark.
Enrich Money’s Ponnemudi R observes: both metals eased from all-time highs, even as crude oil leaped on anticipated supply snarls. He stresses ramped-up participation near pivotal levels, urging top-notch risk strategies amid market swings.
Technical outlook favors gold bulls—if supports endure, 1,70,000 beckons; a tumble below 1,57,000 could drag it to 1,50,000. Silver’s sweet spot at 2,55,000-2,65,000 fuels optimism for 3,00,000-3,05,000 if rally persists, though sub-2,60,000 spells temporary calm.
Overseas, Comex gold steadied in 5,158-5,181 dollar band, topping previous 5,078-5,099. Silver ended 84.31 dollars, after 85.34 peak and 81.79 trough. With tensions unyielding, precious metals shine as hedges, but traders must tread carefully in uncertain times.