Gold Extends Weekly Gains As Global Cues Support Safe-Haven Demand

Gold prices continued their upward movement for a second straight week, supported by increased safe-haven demand and a softer US dollar, as easing inflation concerns and developments around US-Iran talks influenced market sentiment.

During the week, gold recorded a rise of over 1.6 per cent, reflecting steady investor interest in precious metals.

On Friday, futures on the Multi Commodity Exchange (MCX) showed marginal movement. Gold contracts for June traded near Rs 1,52,690, while silver futures for May were around Rs 2,43,300 per kilogram.

Data from the India Bullion and Jewellers Association indicated that the price of 24-carat gold (10 grams) moved higher over the week. It climbed from about Rs 1,47,891 at the start to Rs 1,50,327 by Friday.

In global markets, COMEX gold posted a stronger weekly gain of around 3 per cent, closing near $4,787 per troy ounce.

Analysts pointed out that the next significant resistance level is close to $5,000, beyond which further upward momentum could accelerate.

Market participants attributed the recent trend to weakness in the US dollar. The currency came under pressure following geopolitical developments and expectations of a more accommodative stance from the US Federal Reserve.

Lower crude oil prices also contributed to optimism around easing inflation, supporting demand for bullion.

Despite the positive trend, analysts noted that the commodities market remains influenced by broader economic uncertainties.

Currency movements, particularly the dollar-rupee exchange rate, are expected to play a key role in determining near-term price direction.

From a technical perspective, MCX gold is holding above key support levels in the Rs 1,46,000–Rs 1,48,000 range, with resistance seen near Rs 1,54,000–Rs 1,55,000.

Silver prices are also maintaining support above Rs 2,25,000–Rs 2,30,000 levels, with stronger downside protection around Rs 2,00,000.

Overall, the outlook for precious metals remains cautiously positive. Investors are closely tracking global cues, currency trends and monetary policy expectations.

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