Gold and Silver Prices Surge on Safe-Haven Demand Amid West Asia Tensions
Mumbai, March 27: Gold and silver prices witnessed a sharp rally on Friday as investors flocked to safe-haven assets amid ongoing geopolitical uncertainty and fading hopes of de-escalation in the West Asia conflict.
Gold futures for April 2 delivery surged by up to 2.27%, gaining Rs 3,167 to hit an intraday high of Rs 1,42,660 per 10 grams on the Multi Commodity Exchange (MCX). The precious metal later traded at Rs 1,42,500, marking a rise of Rs 3,007 or 2%.
Despite some volatility, gold remained in positive territory throughout the session, touching a low of Rs 1,40,287 — still up 0.56% or Rs 794.
Silver prices also recorded strong gains. Silver futures for May 5 delivery jumped as much as 3.65% to reach an intraday high of Rs 2,27,901 per kg on the MCX. After hitting a session low of Rs 2,23,515, silver was last seen trading at Rs 2,27,799, up Rs 7,925 or nearly 3%.
Market analysts attributed the rally in precious metals to heightened geopolitical tensions, which have weakened risk appetite and boosted demand for traditional safe-haven investments like gold and silver.
In the global market, COMEX gold traded in the range of $4,400–$4,500, maintaining levels above key short-term moving averages, though price action remains volatile.
Experts noted that a sustained breakout above $4,600 could push gold prices toward $4,750, while a decline below $4,300 may lead to renewed selling pressure.
On the domestic front, MCX gold is holding firmly above the crucial support level of Rs 1,40,000, indicating underlying bullish momentum despite intraday fluctuations.
Immediate resistance for MCX gold is seen at Rs 1,45,000. A breakout above this level could drive prices higher toward Rs 1,48,000–Rs 1,50,000.
Similarly, COMEX silver is trading above the $66–$68 support zone, with resistance placed at $72–$74. A sustained move beyond $75 could extend gains toward the $79–$80 range.
In India, MCX silver continues to stay above Rs 2,24,000, with immediate resistance at Rs 2,30,000. Analysts suggest that a breakout above this level may push prices to Rs 2,37,000–Rs 2,40,000, while a drop below Rs 2,18,000 could trigger profit booking.
Analysts expect precious metals to remain volatile in the near term, with global macroeconomic trends and geopolitical developments continuing to influence price movements.
Meanwhile, global crude oil prices declined by more than 2%, with Brent crude futures hovering around $100 per barrel.
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