Global markets braced for turbulence as Middle East conflicts intensified, pushing Indian gold and silver prices sharply higher on Thursday. The rally highlights precious metals’ enduring role as crisis hedges.
IBJA quotes show 999 gold advancing Rs 73 to Rs 1,60,303/10g from Wednesday’s Rs 1,60,230. Silver’s ascent was more pronounced, up Rs 2,291/kg to Rs 2,68,301.
At MCX around 7:22 PM, April gold futures slipped 0.18% to Rs 1,61,490/10g, contrasting May silver’s 1.22% rise to Rs 2,71,764/kg—a Rs 3,273 jump.
Volatility defined the day: gold surged to Rs 1,62,991 intraday then eased. Silver opened at Rs 2,69,212, extending gains from Rs 2,68,491.
Support for gold lies firmly at Rs 1,56,000-1,57,000, per experts, underpinning medium-term optimism. A firm move over Rs 1,65,000 eyes Rs 1,75,000-1,80,000.
Mixed Iran war signals from West Asia sustain instability. Focus pivots to US CPI, GDP, and inflation data, which could expose energy-driven inflationary strains from the conflict and guide Fed policy.
Outcomes from these reports will be pivotal, determining if the current precious metals momentum endures amid ongoing geopolitical risks.