Gold and silver prices moved higher in Thursday’s trade, ahead of Akshaya Tritiya, supported by a weaker US dollar, geopolitical uncertainty and shifting expectations around global interest rates. The uptick comes even as global equity markets remained firm, reflecting a mix of risk-on sentiment and safe-haven demand.
Gold gained as the dollar softened and crude oil prices slipped below $100 per barrel amid optimism around potential peace talks between the US and Iran. The easing in oil prices tempered inflation concerns, influencing interest rate outlook and supporting bullion. Silver and other metals also tracked the upward momentum during the session.
Gaurav Garg, research analyst at Lemonn Markets Desk, echoed that gold and silver prices witnessed a notable rise driven by currency weakness and geopolitical tensions linked to the Iran conflict, which has raised concerns over potential supply disruptions. Internationally, gold traded at $4,857.90 per ounce, up 1.21 per cent, while domestic prices stood near ₹1,45,697 per 10 grams. Silver climbed 1.70 per cent to $80.84 per ounce globally, with domestic prices around ₹2,42,454 per kg. Crude oil remained relatively stable, with WTI trading at $91.65 per barrel.
Ponmudi R, CEO of Enrich Money, noted that MCX gold is trading in the ₹1,54,500–₹1,55,000 range with emerging buying interest at lower levels. He added that a sustained move above ₹1,55,000 could push prices towards ₹1,57,000–₹1,58,000, while a break below ₹1,54,000 may trigger a correction toward ₹1,52,000–₹1,48,000. The overall bias remains cautiously positive, supported by macro factors, though stronger momentum needs confirmation.
On silver, he said prices are hovering above ₹2,54,000, supported by safe-haven demand and strength in industrial metals despite elevated volatility. Resistance is seen in the ₹2,60,000–₹2,63,000 zone, with potential upside toward ₹2,68,000–₹2,70,000. On the downside, a break below ₹2,50,000 could lead to a correction toward ₹2,44,000–₹2,40,000.
Analysts expect gold and silver to remain volatile in the near term (ahead of Akshaya Tritiya), as markets continue to track geopolitical developments, currency movements and trends in crude oil prices.