Strait of Hormuz Tensions Boost Gold 1.83%, Silver Surges Weekly

In a week marked by renewed West Asian flare-ups, India's gold prices rose 2,721 rupees per 10 grams, while silver leaped 11,363 rupees per kg. The 1.83% gold gain reflects investor rush to havens amid Strait of Hormuz supply fears and crude volatility. Friday's IBJA quotes pegged 999 gold at 1,51,078 rupees (from 1,48,357 Monday) and silver at 2,55,600/kg (up from 2,44,237). MCX saw gold June at 1,52,589 (+0.04%) and silver July at 2,61,999 (+3,459 rupees or 1.34%). Silver posted consistent weekly advances, gold showed volatility but three-day gains. US dollar softness, hopes for US-Iran detente, and Thursday's Strait incidents drove the surge, overshadowing upbeat US jobs data. Non-farm payrolls beat forecasts, unemployment at 4.3%, hinting at sticky Fed rates that typically weigh on gold. Comex gold climbed to 4,760 dollars/oz, up 50 dollars and 1.5% weekly, fueled by haven buying. Post-February 28 conflict, metals are down 10%, but haven appeal endures amid risk-off vibes. Hormuz remains critical, with disruption risks looming large. Analysts see MCX gold resistance at 1,54,000-1,55,500, support 1,48,000-1,50,000; silver resistance 2,65,000, support 2,58,000-2,60,000. US ceasefire affirmations followed skirmishes, but tensions simmer. Precious metals exhibit mixed bias, stabilizing post-dips. Broader context: strong US economy vs. regional risks creates tug-of-war. Oil fluctuations amplify moves, as Hormuz handles 20% of global supply. Investors balance safe-haven plays against rate hike pressures. Next week could see consolidation if de-escalation materializes, or fresh spikes on escalations. Bullion traders stay vigilant.