Gold, Silver Surge As Safe-Haven Demand Rises On West Asia Tensions

Gold and silver prices surged sharply on Wednesday as fresh developments in the West Asia conflict boosted demand for safe-haven assets.

Investors turned to precious metals amid persistent geopolitical uncertainty, driving strong gains across domestic and global markets.

On the Multi Commodity Exchange (MCX), gold futures for April 2 rose by ₹5,658, or nearly 4 per cent, to hit an intraday high of ₹1,44,570 per 10 grams. The metal later traded at ₹1,44,410, holding gains of ₹5,498 or 3.96 per cent.

Silver futures for May 5 also rallied, jumping around 6 per cent or ₹13,228 to reach an intraday high of ₹2,14,500 per kilogram.

In international markets, COMEX gold climbed 4.48 per cent to $4,633.17, while COMEX silver surged 7.5 per cent to $74.8, signalling strong global momentum.

Analysts said MCX gold continues to trade within the ₹1,43,000–₹1,45,000 range, indicating underlying strength. They see immediate resistance at ₹1,48,000 and expect further upside towards ₹1,55,000–₹1,57,000.

Support levels remain at ₹1,37,000–₹1,40,000. Silver also holds firm, with resistance near ₹2,40,000 and key support around ₹2,27,000.

Market participants maintain a cautiously positive outlook and advise a buy-on-dips strategy as long as support levels hold. They expect geopolitical developments to keep driving volatility.

The rally followed reports that the administration of Donald Trump proposed a 15-point ceasefire plan to Iran and may deploy additional troops to the region.

Intermediaries from Pakistan reportedly conveyed the proposal and offered to host talks.

Iran’s parliamentary speaker, Mohammad-Bagher Ghalibaf, dismissed claims of ongoing negotiations.

Also Read: Gold, Silver Prices Fall Over 4% As Safe-Haven Demand Eases