Precious metals staged a stunning comeback in Indian markets on Friday, with silver leading the charge at a 2.83 percent increase and gold close behind. After a bruising fall yesterday, this surge offers some relief to holders amid a turbulent week.
MCX data at 10:10 AM showed the gold April futures contract up 2.07 percent or Rs 2,996, trading at Rs 1,47,950. The metal swung from Rs 1,47,401 to Rs 1,48,302 in early sessions, capturing the market’s choppy mood.
Silver’s May contract stole the show, rising 2.83 percent or Rs 6,540 to Rs 2,38,000 per kg. It ranged between Rs 2,37,300 and a high of Rs 2,40,000, buoyed by robust demand.
Global cues aligned perfectly, as Comex gold rose 2.40 percent to $4,716/oz and silver soared 3.61 percent to $73.78/oz. This synchronized upmove points to broader bullish sentiment.
Commodity expert Manav Modi of Motilal Oswal highlighted morning steadiness in gold, even as it heads toward a six-year weekly low. He attributes prior drops to US-Israel-Iran conflicts stoking inflation expectations, reducing odds of quick rate reductions.
Gold’s safe-haven status has been undermined by a robust dollar and spiking bond yields. Oil’s climb to four-year peaks, triggered by Middle East energy strikes, has heightened fears of supply shortages and persistent inflation.
Recapping Thursday, gold had slumped to Rs 1.44 lakh/10g and silver to Rs 2.20 lakh/kg. Friday’s bounce-back demonstrates underlying strength, but with weekly losses looming, caution prevails. Market watchers eye global events for sustained momentum.