Mumbai, March 7: Rising geopolitical tensions in the Middle East have prompted investors to turn to precious metals like gold and silver as safe-haven assets. This shift has led to a noticeable increase in their prices this week, alongside heightened volatility in the broader commodities market.
Throughout the day, there were brief dips in prices and some profit-taking, yet the overall trend for gold and silver remains strong and bullish.
On the MCX, gold futures for April delivery continued to rise, surpassing the resistance level of ₹165,000 and reaching ₹169,880. However, by the end of trading on Friday, gold stabilized at around ₹161,675, slightly lower than the previous closing price.
Similarly, silver futures for May delivery on the MCX showed an upward trend, with prices crossing the ₹285,000 mark and nearing ₹300,000. The market experienced significant fluctuations during this period.
According to Ponmudi R, CEO of Enrich Money, both gold and silver saw slight declines after approaching record levels, while crude oil prices surged due to concerns over supply disruptions.
He noted that trader participation has increased around critical breakout levels, but emphasized the importance of risk management given the heightened market volatility.
Experts indicate that technical indicators suggest a continued upward trend in gold prices. If support levels hold strong, gold could reach ₹170,000. However, if prices fall below ₹157,000, a decline to ₹150,000 could occur.
For silver, experts suggest that the range of ₹255,000 to ₹265,000 has become a strong demand zone. If bullish momentum continues, prices could rise to between ₹300,000 and ₹305,000. Conversely, if prices drop below ₹260,000, some stability or a slight decline may be observed in the market for a while.
This week, international markets also saw robust performance in COMEX gold futures, trading between $5,158 and $5,181, exceeding the previous closing range of $5,078 to $5,099.
Additionally, COMEX silver futures experienced a significant rise, closing at approximately $84.31, with a trading range of a high of $85.34 and a low of $81.79.
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My name is Ganpat Singh Choughan. I am an experienced content writer with 7 years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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