Tensions flaring across the Middle East triggered a bull run in India’s precious metals market Thursday, with silver leading the charge nearly Rs 2,300 higher per kg. Gold also edged up amid global jitters.
The India Bullion and Jewellers Association reported 999 gold at Rs 1,60,303 per 10g, a Rs 73 gain from Rs 1,60,230. Silver’s 999 purity hit Rs 2,68,301/kg, soaring Rs 2,291 from the prior day.
MCX trading reflected choppiness. By evening, April gold was down 0.18% or Rs 299 at Rs 1,61,490/10g. May silver, however, gained 1.22% or Rs 3,273 to Rs 2,71,764/kg.
Daytime action saw gold climb to Rs 1,62,991 before retreating. Silver started at Rs 2,69,212, above the previous close, and held firm.
Analysts view Rs 1,56,000-1,57,000 as gold’s strong base. Prices above this signal ongoing uptrend. Breaking Rs 1,65,000 convincingly could propel it to Rs 1,75,000-1,80,000 territory.
Iran-related uncertainties in West Asia have amplified market swings over recent days. Traders await US consumer inflation numbers for Fed clues, alongside GDP data, as energy price hikes from the unrest stoke inflation fears.
These indicators will illuminate the economic outlook, influencing whether gold and silver sustain their safe-haven appeal or encounter resistance.