Gold Prices Rebound Nearly ₹2,000 on MCX Amid Global Gains and Bargain Buying
New Delhi, March 27: Gold prices rebounded sharply in futures trading on Friday, rising by ₹1,997 to ₹1.41 lakh per 10 grams on the Multi Commodity Exchange (MCX), supported by strong global cues and bargain buying after the previous session’s steep decline.
Gold futures for April delivery climbed ₹1,997, or 1.43%, to ₹1,41,490 per 10 grams. In the previous session, the yellow metal had plunged ₹4,604, or 3.2%, to settle at ₹1,39,493 per 10 grams.
Similarly, the June contract gained ₹1,811, or 1.27%, to ₹1,44,325 per 10 grams, recovering from a fall of ₹4,926, or 3.34%, recorded on Thursday.
Commodity markets had remained closed during the morning session on Thursday due to Ram Navami and resumed trading later in the evening.
In the international market, gold prices also showed strong recovery. COMEX gold for April delivery rose by USD 89.1, or 2.04%, to USD 4,465.4 per ounce, while the June contract advanced by USD 80.55, or 1.83%, to USD 4,489.55 per ounce.
Market experts attributed the rebound to easing geopolitical concerns and renewed buying interest after the recent correction.
According to analysts, gold climbed above the USD 4,400 level following a sharp fall in the previous session, supported by developments related to the ongoing US-Iran tensions.
Reports indicated that former US President Donald Trump had delayed a key deadline for Iran regarding a potential agreement to end hostilities, which helped stabilize market sentiment.
Additionally, temporary relief came as tensions around critical oil routes such as the Strait of Hormuz showed signs of easing, reducing immediate supply concerns.
However, analysts cautioned that gold remains volatile. The metal had dropped nearly 3% globally on Thursday amid uncertainty over a ceasefire and rising energy costs, which have intensified inflation concerns and increased expectations of interest rate hikes by major central banks.
Looking ahead, experts believe gold prices may continue to see upward momentum in the near term, tracking strength in international markets and ongoing geopolitical developments.
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