Escalating strife in the Middle East has sent shockwaves through global markets, sparking a rush into gold and silver as premier safe havens. This week’s price rally saw MCX gold futures climb to 1,69,880—edging close to 1.70 lakhs—while silver hovered near the psychologically vital 3 lakh threshold.
Though sessions saw fleeting pullbacks and profit booking, the trajectory stays upward amid broader commodity jitters. Gold for April delivery ended Friday at 1,61,675, marginally lower but above key supports. Silver’s May contracts powered through 2,85,000, battling volatility to approach 3 lakhs.
Market veteran Ponnemudi R of Enrich Money highlights mild retreats post-record peaks, contrasted by crude’s sharp rise on supply worries. ‘Heightened trader action at breakout points underscores the need for prudent risk controls in this choppy environment,’ he said.
Analysts’ charts reveal gold’s bullish bias: support holds could unlock 1,70,000, but sub-1,57,000 levels threaten a deeper correction to 1,50,000. Silver thrives in the 2,55,000-2,65,000 demand pocket; upside persistence targets 3,05,000 max, while under 2,60,000 invites pauses.
Internationally, Comex gold ranged 5,158-5,181 dollars, beating prior 5,078-5,099 closes. Silver wrapped at 84.31 dollars, with extremes of 85.34 and 81.79. Investors worldwide brace for prolonged tensions, positioning precious metals for potential new highs.