Geopolitical storms brewing in the Middle East have ignited a precious metals frenzy, with gold futures scraping 1,69,880—mere whispers from 1.70 lakhs—and silver charging at 3 lakhs. Safe-haven demand dominates as commodity markets reel from uncertainty.
Intraday profit harvesting caused momentary slips, but bullish fervor prevailed. MCX April gold settled Friday at 1,61,675, off a tad from prior but resilient. May silver blasted past 2,85,000, enduring turbulence to eye triple lakhs.
Per Enrich Money CEO Ponnemudi R, record-near pullbacks hit gold and silver, while crude soared on supply threat jitters. ‘Traders flock to breakout zones—volatility mandates rigorous risk oversight,’ he advised.
Experts decode technicals: gold’s uptrend intact, targeting 1,70,000 on support strength, vulnerable to 1,50,000 on 1,57,000 breach. Silver’s 2,55,000-2,65,000 as demand fortress eyes 3,05,000 upside, or stabilization below 2,60,000.
Comex gold traded 5,158-5,181 dollars, eclipsing 5,078-5,099 priors. Silver closed 84.31 dollars post-85.34 high, 81.79 low. As Middle East shadows lengthen, these metals gleam brighter, promising gains for the astute amid global flux.