Gold and Silver Prices Surge Up to 3% on MCX Amid Middle East Developments
Precious Metals Rebound in Domestic Markets
Mumbai, March 20 – Gold and silver prices recorded a strong rebound on Friday, rising up to 3 percent on the Multi Commodity Exchange (MCX), supported by developments linked to easing tensions in the Middle East.Gold futures for April 2 delivery climbed to an intra-day high of Rs 1,48,302 per 10 grams around 10:45 am, marking a gain of 2.30 percent or Rs 3,348. During the session, the metal slipped to a low of Rs 1,47,401. At the time of reporting, gold was trading at Rs 1,47,534, up Rs 2,580 or 1.78 percent.
Silver Prices Rally Sharply
Silver futures for May 5 delivery witnessed sharper gains, rising as much as 3.68 percent or Rs 8,540 to touch Rs 2,40,000 per kg. The metal recorded an intra-day low of Rs 2,37,300 and was last seen trading at Rs 2,36,903, higher by Rs 5,443 or 2.35 percent.Global Markets Support Uptrend
In the international market, both precious metals also traded higher, reinforcing the upward momentum in domestic prices.Comex gold rose 2.40 percent to $4,716 per ounce, while silver gained 3.61 percent to $73.78 per ounce.
Weekly Pressure Persists Despite Recovery
Gold prices, despite the current rebound, are still on track for their steepest weekly decline in six years. Earlier weakness in gold was driven by rising inflation expectations linked to the ongoing US-Israel conflict involving Iran, along with reduced expectations of near-term interest rate cuts.Additionally, a sharp rise in the US dollar and Treasury yields weighed on safe-haven demand for gold. Elevated oil prices further intensified concerns around inflation and potential supply disruptions.
Previous Session Decline
In the previous trading session on Thursday, both metals had witnessed a sharp decline. Gold had slipped to around Rs 1.44 lakh per 10 grams, while silver dropped to nearly Rs 2.20 lakh per kg.Key Levels to Watch on MCX
Gold continues to trade above an important support level near Rs 1,47,000. Immediate resistance is seen in the range of Rs 1,50,000 to Rs 1,52,000.Silver, on the other hand, remains range-bound, with support placed near Rs 2,33,000 and resistance in the Rs 2,43,000 to Rs 2,46,000 zone.
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