Geopolitical storms in West Asia sent shockwaves through Mumbai’s bullion markets Thursday, igniting a surge in gold and silver prices. Silver rocketed more than 5,000 rupees, recovering from early losses, while gold stabilized after a brief downturn.
MCX data at approximately 1:36 PM showed April gold up 0.22% or 361 rupees at 162,150 rupees for 10 grams. Opening at 162,799 rupees—above the prior 161,789 rupees—it faced headwinds from softer overseas signals.
Market veterans identify 156,000-157,000 rupees as gold’s bedrock support. Persistence above this threshold preserves the bullish mid-term outlook. A firm push past 165,000 rupees might unlock rallies to 175,000-180,000 rupees, per expert views.
Silver dazzled with a 2.20% or 5,911-rupee leap to 274,402 rupees per kilogram for May delivery. From an opening of 269,212 rupees (versus 268,491 rupees close), dip-buying propelled the white metal higher.
Overseas, spot gold shed 0.2% to 5,165.73 dollars an ounce, as did April US futures at 5,171.40 dollars. Spot silver traded unchanged at 85.82 dollars.
Days of West Asian tensions have roiled global commodities, amplifying gold and silver volatility. Oil’s sharp rise and dollar strength further pressured the rupee to 92.3575—a fresh all-time low, down 0.3% from 92.3475 earlier in the week.
As safe-haven assets, precious metals are drawing frenzied interest. The trajectory ahead hinges on de-escalation efforts in the region, with investors bracing for more twists in this high-stakes drama.