Thursday’s trading on India’s MCX turned bullish for precious metals amid mounting West Asia strife, with silver posting a stellar gain exceeding 5,000 rupees per kilogram. Gold, after an early slip, clawed back to positive territory.
Around 1:36 PM, April gold advanced 361 rupees (0.22%) to 162,150 rupees per 10 grams. It debuted at 162,799 rupees, surpassing Wednesday’s 161,789 rupees close, but global cues introduced caution.
According to specialists, the 156,000-157,000 rupees range anchors gold demand. Prices above this level affirm medium-term strength. Breaking 165,000 rupees decisively could target 175,000-180,000 rupees.
May silver contracts exploded higher by 5,911 rupees (2.20%) to 274,402 rupees per kilogram. Launching from 269,212 rupees—slightly over the 268,491 rupees prior settlement—value hunting at lows drove the momentum.
Global spot gold fell 0.2% to 5,165.73 dollars per ounce, aligned with April US futures at 5,171.40 dollars. Spot silver was steady at 85.82 dollars.
West Asia’s unrest has unleashed market turbulence, marked by bullion price swings. Rising crude and a fortified dollar sank the rupee 0.3% to a record 92.3575, topping the week’s low of 92.3475.
These dynamics reinforce gold and silver’s appeal in turbulent times. With volatility entrenched, strategic positioning will define outcomes as events unfold.