Gold and silver prices saw a strong jump on Thursday, tracking global uncertainty and renewed safe-haven demand. On the Multi Commodity Exchange (MCX), gold futures rose by Rs 3,012, or 2.16%, to Rs 1,42,505 per 10 grams.
, rising by Rs 6,417, or 2.92%, to Rs 2,26,291 per kg.
The rise comes at a time when global markets remain and mixed economic signals. However, despite the sharp move, experts say that the broader trend in precious metals remains uncertain, and investors should avoid rushing into fresh buying.
Dr Renisha Chainani, Head of Research at Augmont, said that gold and silver have not seen a sustained rally even as geopolitical tensions remain high.
“Gold and Silver have retreated as geopolitical tensions intensified after U.S. President Donald Trump warned of stronger military action against Iran following the rejection of peace talks,” she said.
She added that even though there was some relief after a temporary pause on targeting energy infrastructure, the lack of a clear resolution is continuing to impact sentiment.
“The absence of a clear resolution continues to weigh on sentiment and cap upside in bullion,” she said.
This suggests that while uncertainty is supporting prices at lower levels, it is trend.
Dr. Chainani also pointed out that the macroeconomic environment is currently mixed, which is limiting the upside in gold and silver.
“The macro backdrop remains mixed. While prolonged conflict raises inflation risks, it also increases the probability of an economic slowdown in the US,” she said.
She noted that global markets are revising growth expectations lower while increasing . This creates a difficult situation for gold prices.
“This creates a complex environment for gold—where inflation support is offset by elevated real yields and cautious monetary policy expectations,” she added.
In simple terms, while rising inflation usually supports gold, other factors like higher interest rates and slower growth are limiting strong gains.
On the price outlook, Dr. Chainani said both metals are currently in a consolidation phase and not showing signs of a breakout.
“Gold prices have corrected from recent highs but are finding strong support near $4350 likely to trade in a defined range of $4350 to $4600,” she said.
This means gold is expected to move within a domestic range of around Rs 1,39,000 to Rs 1,45,000 per 10 grams in the near term.
Silver is also expected to follow a similar trend.
“Silver has also retreated and is holding above key support at $66 expected to consolidate within a broad range of $66 to $75,” she said.
In domestic markets, this translates to a range of around Rs 2,19,000 to Rs 2,38,000 per kg.
The current price movement, therefore, reflects short-term volatility rather than a strong directional trend.
The expert view clearly suggests that this is not a breakout phase for gold and silver. Prices are moving within a band, and the direction remains unclear due to ongoing global uncertainty.
Volatility is expected to continue, driven by geopolitical developments and changing macroeconomic signals. Any sharp move in prices will depend on a clear trigger, either from easing tensions or shifts in global economic policy.
The sharp rise in prices may attract investors, but experts suggest taking a cautious approach. Since both metals are trading in a range and not in a strong uptrend, aggressive buying at current levels may carry risks.
A more balanced strategy could be to invest gradually instead of putting in large amounts at once. This approach can help manage price fluctuations in a volatile market.
For long-term investors, gold and silver continue to play a role as safe-haven assets. However, in the short term, their movement is likely to remain range-bound, with no clear breakout in sight.
As global tensions and economic signals continue to evolve, investors may need to watch the market closely before making fresh decisions.
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)