Amid persistent Middle East conflicts, India’s bullion markets saw profit booking trigger significant weekly declines in precious metals prices. Gold slipped 523 rupees per 10 grams, while silver tumbled a whopping 7,329 rupees per kilogram over the past week.
Friday’s session on MCX brought some relief, with June gold futures rising 100 rupees or 0.07 percent to 152,799 rupees per 10 grams. May silver futures jumped 2,808 rupees or 1.16 percent to 244,321 rupees per kilogram. Yet, the day was volatile: gold hit 153,164 rupees high and 150,750 rupees low; silver reached 245,555 rupees before dipping to 238,291 rupees.
IBJA data reveals 999 gold at 151,479 rupees per 10 grams on Friday, versus 152,002 rupees on Monday—a clear weekly erosion. Silver closed at 243,825 rupees per kilogram, down sharply from 251,154 rupees.
Hopeful developments, including possible US-Iran talks and declining US bond yields, lifted gold past 4,700 dollars per ounce on international bourses. This reduced the appeal drag on zero-yield safe havens. Domestic buyers stepped in at dips, but West Asian jitters capped gains.
Geopolitical buzz centers on Iran’s top diplomat in Pakistan and impending US talks, despite Tehran’s denials. Safe-haven appetite has softened, preventing steeper falls. Experts predict volatility if tensions escalate or the dollar fluctuates.
Globally, Comex gold gained 3 percent weekly in the 4,720-4,750 dollar range, with 5,000 dollars as a key hurdle. Silver stabilized weakly at 75-76 dollars after recent peak failures.
For traders, the week underscores the tug-of-war between profit exits and risk hedging. With Fed policy in focus, next week’s moves hinge on diplomatic breakthroughs or escalations.
