Gold, Silver Prices Rise Up To 3% As West Asia Tensions Ease

Gold and silver prices witnessed a sharp rise on Friday, gaining up to 3 per cent amid hopes of easing tensions in West Asia.

On the Multi Commodity Exchange, gold futures (April 2) touched an intra-day high of Rs 1,48,302 per 10 grams, rising 2.30 per cent.

During the session, gold traded between Rs 1,47,401 and Rs 1,48,302, and was last seen at Rs 1,47,534, up Rs 2,580 or 1.78 per cent.

Silver futures (May 5) also surged as much as 3.68 per cent, or Rs 8,540, to Rs 2,40,000 per kg, before settling at Rs 2,36,903, up 2.35 per cent.

In international markets, precious metals traded higher, with Comex gold rising 2.40 per cent to $4,716 per ounce, while silver gained 3.61 per cent to $73.78 per ounce.

According to Manav Modi, gold prices stabilised in early trade but remain on track for their worst weekly decline in six years. He noted that recent volatility stemmed from rising inflation expectations linked to geopolitical tensions and reduced expectations of near-term interest rate cuts.

Manav Modi added that a strong US dollar and rising Treasury yields have weighed on safe-haven demand, while elevated oil prices have intensified concerns over inflation and supply disruptions.

Gold and silver had declined sharply in the previous session, with gold slipping to around Rs 1.44 lakh per 10 grams and silver to about Rs 2.20 lakh per kg.

Experts said Multi Commodity Exchange gold continues to trade above key support near Rs 1,47,000, with resistance seen in the Rs 1,50,000–1,52,000 range. Silver remains range-bound, with support near Rs 2,33,000 and resistance around Rs 2,43,000–2,46,000.

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