Gold Prices Surge Rs 1,914 to Rs 1.46 Lakh per 10 Grams in Futures Trade
Gold Futures Rise on MCX Amid Improved Global Sentiment
New Delhi, March 20Gold prices recorded a sharp increase in futures trading on Friday, climbing by Rs 1,914 to reach Rs 1.46 lakh per 10 grams, tracking firm global cues and shifting geopolitical sentiment.
On the Multi Commodity Exchange (MCX), gold contracts for April delivery rose by Rs 1,914, or 1.32 per cent, to settle at Rs 1,46,868 per 10 grams.
Easing West Asia Tensions Support Gold Recovery
The rebound in gold prices was largely attributed to improving market sentiment as geopolitical tensions in West Asia showed signs of easing.Recent statements from the United States and Israel indicated a reduced risk of further disruptions to critical energy infrastructure in the Middle East. This helped stabilize investor sentiment and influenced price movements in the bullion market.
Additionally, indications that the US may ease sanctions on Iranian oil contributed to expectations of increased global supply, reducing the immediate risk premium in commodity markets.
Global Gold Prices Climb on Comex
In the international market, gold futures for April delivery on the Comex rose by USD 62.2, or 1.35 per cent, to USD 4,667.9 per ounce in New York, mirroring the upward trend seen in domestic markets.Weekly Pressure Persists Despite Price Gains
Despite Friday’s gains, gold prices remained on track for their worst weekly decline in six years. Market conditions have been influenced by the ongoing US-Israel conflict involving Iran, which has raised inflation expectations and reduced the likelihood of near-term interest rate cuts.Interest Rates, Dollar Strength Cap Upside
The US Federal Reserve’s stance of maintaining steady interest rates limited further upside in gold prices, even as global cues remained supportive.At the same time, a strong US dollar and elevated US Treasury bond yields continued to weigh on bullion, as investors adjusted positions in anticipation of tighter financial conditions amid persistent inflation risks.
Gold Price Outlook Remains Range-Bound
Gold has tested support near USD 4,600 per ounce and is expected to consolidate within the USD 4,550 to USD 4,800 range globally.In the domestic market, this translates to a projected range of Rs 1.43 lakh to Rs 1.50 lakh per 10 grams, with prices likely to remain range-bound until clearer directional cues emerge.
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