In a tale of two metals, Friday’s bullion trading in India showcased stark contrasts amid rising Middle East strife. Gold extended its slump, but silver roared back with a hefty 2,500-rupee gain per kilogram, offering a silver lining to jittery markets.
IBJA data reveals 999 fineness gold closing at 1,47,218 rupees for 10 grams, down 671 rupees from the prior day’s 1,47,889 rupees. The decline follows Thursday’s heavy losses, underscoring investor caution.
Contrast that with silver’s rebound: 999 purity metal ended at 2,32,364 rupees per kg, a robust 2,491-rupee increase over Thursday’s 2,29,873 rupees. This uptick signals renewed buying interest.
Weekly trends paint a bearish picture overall. From last Friday, gold is down over 11,181 rupees per 10 grams (from 1,58,399), and silver has dropped more than 28,124 rupees per kg (from 2,60,488).
MCX futures added to the drama. April gold climbed 1,870 rupees (1.29%) to 1,46,824 by evening. May silver gained 2,652 rupees (1.15%) to 2,34,112 per kg.
Gold’s April contract swung wildly: opening 1,48,302, peaking 1,48,457, dipping to 1,45,700. Silver’s May contract opened 2,39,948, touched 2,40,000, and fell to 2,30,060.
Market watchers point to Gulf instability, US dollar swings, oil price gyrations, and US-Iran tensions as key drivers. ‘Precious metals are caught in a perfect storm of geopolitical risk and currency flux,’ noted a veteran trader.
With the week ending on this mixed note, traders are on edge for Monday’s open. Strategic positioning in silver could pay off, but gold’s safe-haven status remains tested.