Mumbai: Gold and silver prices saw a sharp rise on Wednesday, driven by fresh developments in the West Asia situation. On the Multi Commodity Exchange (MCX), gold futures for April delivery climbed nearly Rs 5,658, touching an intraday high of Rs 1,44,570 per 10 grams. It later traded slightly lower but still up nearly 4 percent.
Silver also recorded strong gains. MCX silver futures for May delivery jumped about Rs 13,228, or nearly 6 percent, reaching Rs 2,14,500 per kg during the session.
Global cues support rally
International markets also reflected the same trend. COMEX gold rose over 4 percent to USD 4,633.17, while COMEX silver surged around 7.5 percent to USD 74.8. Analysts said global uncertainty and geopolitical developments continue to push investors towards safe-haven assets like gold and silver.
Key price levels to watch
Market experts noted that gold is currently moving in a strong range between Rs 1,43,000 and Rs 1,45,000. Immediate resistance is seen near Rs 1,48,000, and prices could move towards Rs 1,55,000–Rs 1,57,000 if momentum continues. Support is placed between Rs 1,37,000 and Rs 1,40,000.
Silver also remains strong, with resistance at Rs 2,40,000 and support near Rs 2,27,000 levels.
West Asia developments drive sentiment
The rally comes amid reports of easing tensions in West Asia. According to reports, the US administration has proposed a 15-point ceasefire plan to Iran. At the same time, the US military is preparing to send additional troops to the region.
Pakistan is reportedly acting as a mediator and may host fresh talks between the US and Iran. US President Donald Trump said discussions between the two sides have been “very good and productive”, and any military action on Iran’s energy infrastructure may be delayed for five days.
However, Iran’s parliamentary speaker Mohammad-Bagher Ghalibaf has rejected claims of ongoing talks.
Outlook remains positive
Analysts remain cautiously optimistic on precious metals. They suggest a “buy on dips” strategy, as long as key support levels hold. However, they also warn that prices may remain volatile due to fast-changing geopolitical developments.
Disclaimer: This article is based on available reports and market data. Prices and developments may change. It does not constitute investment advice. Readers should consult financial experts before making any decisions.
