Investors navigated turbulent waters in precious metals on Thursday, with gold and silver prices whipping between gains and losses against a backdrop of Middle East strife. Safe-haven rushes amid US-Israel-Iran clashes lifted prices early, but reversals followed as some cashed out.
MCX data at 12:13 PM showed April gold down 0.22% at 161,165 rupees/10g. May silver dropped 1.17% or 3,109 rupees to 262,451 rupees/kg. Daily tops: gold 163,142 rupees, silver 274,251 rupees/kg, extending prior session’s silver +3.3%, gold +1%.
International spots: silver +1.2% to 84.43 dollars/oz, gold +0.8% at 5,176.69 dollars/oz. Prolonged conflict disrupts energy flows, lifting crude—Brent +2.43% to 83.26 dollars/bbl, WTI +2.63% to 76.63. US sub sinks Iranian warship off Sri Lanka, 80 dead, heightening war risks.
Dollar index +0.22% to 98.99 supports metals via affordability. Oil rallies and stock strength erode dollar refuge status. Outlook: silver 85-95 dollars range, then 100; gold 5,500-5,600 on Hormuz threats.
MCX supports gold 158,000/162,000 rupees, resistance 175,000/180,000. Silver supports 250,000/270,000, resistance 300,000/320,000. Energy-driven inflation may delay Fed cuts, aiding yields and muting metals upside.
Geopolitical wildcards dominate, with markets hyper-alert to every headline from the flashpoint region.