Mumbai’s precious metals market is on fire as geopolitical tensions in the Middle East drive investors straight into safe-haven assets. Gold and silver prices surged this week, with gold futures flirting with the 1.70 lakh rupee mark and silver pushing towards 3 lakhs, amid heightened volatility across commodities.
Despite intraday dips and profit-taking, the overall momentum remains bullish. On the MCX, April gold futures broke past the crucial 1,65,000 resistance, peaking at 1,69,880 before settling at 1,61,675—slightly off the prior close but still resilient.
Silver futures for May delivery mirrored the strength, crossing 2,85,000 and nearing 3 lakhs in a rollercoaster session filled with swings. Enrich Money CEO Ponnemudi R notes that both metals pulled back mildly from record highs, while crude oil spiked on supply disruption fears.
‘Traders are crowding key breakout levels, but volatility demands strict risk management,’ he cautioned. Technicals point to sustained gold upside; holding support could propel it to 1,70,000, though a drop below 1,57,000 risks a slide to 1,50,000.
For silver, the 2,55,000-2,65,000 zone signals robust demand. Continued momentum might hit 3,00,000-3,05,000, but a breach under 2,60,000 could usher in consolidation or mild correction.
Globally, Comex gold traded firmly between 5,158-5,181 dollars, up from 5,078-5,099. Silver closed at 84.31 dollars after touching 85.34 high and 81.79 low. As Middle East risks linger, experts eye further safe-haven flows into these glittering assets, advising vigilance amid the turbulence.