Gold prices barely moved on Thursday, reflecting a market that is unsure about its next direction. Investors are keeping a close watch on the progress of US-Iran ceasefire talks, while also waiting for an important US inflation report that could influence interest rate decisions.
At the time of writing, MCX Gold was at Rs 1,51,113, down Rs 676. Silver saw a sharper decline, falling Rs 3,310 to Rs 2,36,608.
Right now, the market is caught between hope and hesitation. Geopolitical tensions are offering some support to gold, but traders are not making big moves ahead of the US inflation data. This has kept prices moving in a narrow range.
Ponmudi R, CEO of Enrich Money, said, “MCX Gold opened with a mild gap down and is trading in the Rs 1,50,500–Rs 1,51,500 range with improving buying interest at lower levels, though momentum remains gradual and requires confirmation.”
His comment reflects the current situation well — there is some buying at lower levels, but not enough confidence to push prices sharply higher.
According to Ponmudi, the next move in gold will depend on whether it can cross key levels.
“A sustained move above Rs 1,52,000, momentum can revive toward Rs 1,53,000–Rs 1,55,000. A decisive break below Rs 1,50,000, the downside can extend toward Rs 1,48,000–Rs 1,47,000,” he said.
He added that while the overall bias remains slightly positive due to supportive macro factors, the trend is still not strong enough. “Momentum requires confirmation, and a decisive breakout above key resistance levels is needed to sustain the uptrend,” he noted.
Silver is seeing more swings compared to gold. It also opened lower but is getting some support from safe-haven demand and strength in industrial metals.
Ponmudi explained, “MCX Silver opened with a mild gap down, supported by safe-haven demand and strength in industrial metals, with prices now hovering around Rs 2,36,000 amid elevated volatility, though the overall tone remains cautious.”
He pointed out that silver needs to cross the Rs 2,40,000–Rs 2,43,000 range to gain strength. “A breakout can push prices toward Rs 2,45,000–Rs 2,47,000,” he said, adding that a fall below Rs 2,36,000 could lead to sharper selling towards Rs 2,33,000–Rs 2,30,000.
For now, this is a market where patience matters more than action. Prices are not showing a strong trend, and much will depend on global developments, especially the US inflation data and geopolitical updates.
Investors may consider waiting for clearer signals before taking fresh positions. Those with a long-term view can still look at gold on dips, as there is some support at lower levels. At the same time, it is important to stay cautious, particularly in silver, where price swings are sharper.
The overall trend may be mildly positive, but without a strong breakout, it is better to stay measured and avoid rushing into trades.