This week’s losses are staggering: gold is down nearly Rs 4,000 per 10 grams since Friday, and silver has lost about Rs 10,000 per kg. The MCX amplified the rout, with April gold futures declining 2.17% (Rs 3,385) to Rs 1,52,600 by 7:19 PM. May silver dropped 2.34% (Rs 5,913) to Rs 2,47,200.

Trading sessions were rollercoasters. Gold started at Rs 1,55,658, hit Rs 1,56,075, then sank to Rs 1,51,550. Silver opened at Rs 2,51,498, climbed to Rs 2,54,897, and plunged to Rs 2,42,803 per kg.

Experts remain cautiously optimistic. ‘The 1,56,000-1,57,000 band acts as robust demand support for gold,’ noted one analyst. Holding above this could sustain upward momentum, with a push past Rs 1,65,000 targeting Rs 1,75,000-1,80,000.

West Asian tensions, including US-Iran rhetoric and Hormuz Strait blockade fears, have roiled global sentiment. Yet, a robust dollar and oil price swings are capping precious metals’ appeal. The petro-dollar system’s reinforcement is driving gold, oil, and USD in opposing directions, creating this unusual bearish pressure on bullion.

As markets digest these shifts, physical buyers might find value in the dip, while futures traders brace for more volatility tied to international headlines.

Silver outpaced with a Rs 15,370 per kg surge to Rs 3,09,345, from Rs 2,93,975. Futures trading mirrored the frenzy: gold February 2026 contracts gained 2.99% to Rs 1,49,989, while silver March 2026 rose 4.42% to Rs 3,23,993.

Global markets echoed the trend, with gold up 3.03% to $4,735/oz and silver soaring 7.64% to $95.28/oz. Trump’s tariff threats against Europe have heightened volatility, driving investors toward these safe havens. Beyond geopolitics, central bank buying and silver’s expanding use in renewables and EVs are supercharging demand.

As economic headwinds persist, this rally signals a broader flight to quality assets. Market watchers anticipate sustained upward pressure unless global tensions ease, making gold and silver prime portfolio hedges right now.