New Delhi: Gold prices climbed to a seven-week high on Thursday as falling US Treasury yields strengthened safe-haven demand, outweighing optimism about a possible US-Iran agreement.
Gold futures for October delivery opened Rs 536, or 0.36 percent, higher at Rs 1,49,029 per 10 grams. The contract later touched Rs 1,49,700, gaining Rs 1,207 or 0.81 percent, by 12.10 pm.
Global Prices Rise
COMEX gold gained 0.36 percent to trade at $4,320 an ounce, while COMEX silver rose 0.12 percent to $62.36 an ounce.
Silver futures initially reached Rs 2,28,397 per kg, up Rs 813 or 0.35 percent from the previous close of Rs 2,27,584. However, the metal later reversed course and traded Rs 1,004, or 0.44 percent, lower at Rs 2,26,580.
Geopolitical Hopes
Gold gained despite reports that the Strait of Hormuz could reopen and remarks by US President Donald Trump suggesting Washington was seeking an agreement with Iran.
Experts said easing tensions could pull crude oil prices lower, reducing inflation concerns and expectations of near-term US monetary tightening. This pushed Treasury yields down and improved gold’s appeal.
Gold Technical Levels
Gold faces immediate resistance at Rs 1,50,000–Rs 1,50,700. A decisive breakout could take prices towards Rs 1,52,200–Rs 1,52,800. Immediate support lies at Rs 1,48,600–Rs 1,48,000, followed by Rs 1,46,600–Rs 1,46,000.
Prices have moved above the 20, 50, 100 and 200-day exponential moving averages, signalling stronger momentum. The bias remains positive above Rs 1,49,000.
Silver Outlook
Silver must sustain above Rs 2,29,000 to target Rs 2,31,500–Rs 2,32,500. Support is placed at Rs 2,25,000–Rs 2,24,000, followed by Rs 2,22,000–Rs 2,21,000.
Analysts remain cautiously constructive above Rs 2,28,000. A fall below Rs 2,27,000 could trigger a retreat towards Rs 2,25,000. A move above Rs 2,30,000 could open the way for further gains.
Silver’s RSI stood at 54 and edged higher, indicating improving momentum, although a decisive close above its 50-day EMA remains necessary for confirmation strength.
Oil Prices Ease
Brent crude declined 0.51 percent to below USD 80 a barrel, while US West Texas Intermediate crude fell nearly 1 percent to below $75. Softer energy prices reinforced expectations that inflationary pressure could ease if regional tensions continue to recede.
