Gold prices showed limited movement on Wednesday, as improving expectations of reduced tensions between the United States and Iran kept market sentiment balanced.
In early trading, MCX Gold for May delivery edged up slightly by 0.02 per cent to around Rs 1,53,305 per 10 grams.
Analysts noted that a sustained rise above Rs 1,55,000 could push prices towards the Rs 1,57,000–Rs 1,58,000 range, while a drop below Rs 1,54,000 may trigger a decline towards Rs 1,52,000 or lower.
In contrast, MCX Silver saw stronger buying activity. Silver futures for May climbed 0.83 per cent to Rs 2,54,842 per kg during early trade.
Market experts indicated that silver faces resistance in the Rs 2,60,000–Rs 2,63,000 range, with potential to move higher towards Rs 2,68,000–Rs 2,70,000 if momentum continues. On the downside, a breach below Rs 2,48,000 could lead to a correction towards Rs 2,44,000–Rs 2,40,000.
In the previous session, gold had closed largely unchanged, while silver recorded a slight decline.
Globally, bullion prices remained supported but stable, as optimism grew over possible diplomatic progress between Washington and Tehran.
US President Donald Trump recently indicated that talks could resume soon, raising hopes of a de-escalation.
The easing outlook has reduced concerns over a major disruption in energy supplies, which had earlier fuelled inflation worries and driven safe-haven demand for gold.
Spot gold hovered near recent highs after a strong rally in the previous session, although overall prices have faced pressure in recent weeks, slipping notably since the onset of the conflict.
Analysts said that while gold remains supported by uncertainty, improved global sentiment has limited further sharp gains for the metal.
Also Read: Global Crude Prices Fall For Second Day On US-Iran Talks Hopes
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