Bullion Update: Gold Down ₹46, Silver Up ₹3629 on MCX Volatility

Tuesday brought mixed fortunes to India's precious metals market amid worldwide jitters from Middle East escalations. Gold prices slipped ₹46 per 10 grams in the spot market, but silver powered ahead with a ₹3,629 per kg leap.

IBJA reported 999 purity gold at ₹1,55,668/10g versus Monday's ₹1,55,714. Silver hit ₹2,52,340/kg from ₹2,48,711.

On MCX, action was brisk. April gold futures gained 0.36% or ₹557 to ₹1,56,293/10g by 6:40 PM, having traded between ₹1,55,739 (low) and ₹1,57,580 (high). May silver rose 0.07% or ₹184 to ₹2,56,716/kg, ranging from ₹2,54,412 to ₹2,62,899.

Technical eyes are on gold's ₹1,56,500-₹1,57,500 range, signaling mild profit realization. 'Bullish bias persists above ₹1,55,000-₹1,56,000 support,' experts say. A move past ₹1,59,000 opens doors to ₹1,63,000-₹1,65,000.

Silver could accelerate beyond ₹2,65,000 toward ₹2,75,000-₹2,80,000, with ₹2,47,000-₹2,50,000 as backstop.

Contextually, rate-cut optimism has lifted metals lately, but crude oil's 50% surge from regional wars stokes inflation, potentially prompting Fed caution on easing. This tug-of-war defines the outlook.

Recall Friday's elevated levels: gold ₹1,58,399/10g, silver ₹2,60,488/kg. As crude volatility persists, bullion traders brace for more twists, with silver's outperformance hinting at shifting risk appetites.