In a tale of two metals, silver stole the spotlight with a hefty ₹3,629 per kilogram surge on Tuesday, while gold shed a modest ₹46 amid choppy trading triggered by Middle East unrest.
IBJA figures reveal 999 purity gold at ₹1,55,668 per 10 grams, down from Monday’s ₹1,55,714. Silver, however, rocketed to ₹2,52,340 per kg from ₹2,48,711.
MCX futures mirrored the spot market’s mixed signals. Gold for April delivery rose 0.36% to ₹1,56,293, after swinging from a low of ₹1,55,739 to a high of ₹1,57,580. May silver futures gained marginally to ₹2,56,716, navigating a range between ₹2,54,412 and ₹2,62,899.
Experts attribute gold’s dip to profit booking within its ₹1,56,500-₹1,57,500 band. ‘Support at ₹1,55,000-₹1,56,000 holds the key to bullish momentum,’ said one trader. Upside potential emerges above ₹1,59,000, eyeing ₹1,63,000-₹1,65,000.
Silver’s trajectory looks promising if it clears ₹2,65,000 consistently, potentially reaching ₹2,75,000-₹2,80,000. Crucial support lies at ₹2,47,000-₹2,50,000.
Geopolitical flares, particularly oil price spikes from regional conflicts, have amplified global inflation worries. Crude’s 50% monthly climb challenges rate-cut hopes, which had previously buoyed precious metals.
A week earlier on Friday, prices were elevated: gold at ₹1,58,399 per 10g and silver at ₹2,60,488 per kg. Tuesday’s action highlights ongoing uncertainty, with investors weighing safe-haven appeal against Fed policy risks. As tensions simmer, expect continued swings in these barometers of global risk.
