- Gold and silver prices rose weekly despite volatility amid US-Iran geopolitical tensions
- Spot gold support seen at $4,550 and silver at $69.13, with risks supporting buying
- Breakouts above $4,800 gold and $74 silver could trigger further price gains
Gold and silver prices ended the week with solid gains despite sharp volatility, as geopolitical uncertainty surrounding the US-Iran conflict continued to drive safe-haven demand.
On a weekly basis, US spot gold rose 4.06%, while spot silver gained 4.67%. In the domestic market, MCX gold rose 2.63% for the week and MCX silver gained 2.67%, reflecting continued investor interest in precious metals amid global uncertainty.
Bullion prices, however, witnessed sharp corrections before a long weekend. On April 2, MCX silver fell over 4.9% to close at Rs 2,27,694 per kg, while MCX gold closed 2.67% lower at Rs 1,46,091 per 10 grams.
Globally, spot gold retreated over 5% to $4,553 and silver tumbled nearly 9% to below $70 per ounce during Thursday's session, as hopes for a near-term resolution to the Iran conflict faded. Spot gold eventually closed 1.72% lower at $4,676.76.
The decline came after US President Donald Trump indicated that while the war may be nearing its end, military action could intensify in the coming weeks, which added to market uncertainty and triggered selling pressure across commodities.
According to data from India Bullions, 24 karat gold was priced at Rs 1,49,750 per 10 grams, while 22 karat gold cost Rs 1,37,271 per 10 grams. Silver prices stood at Rs 2,33,340 per kg as of Saturday morning.
Support And Resistance Levels
Analysts at Kotak Securities said spot gold has immediate support at $4,550 per ounce. A break below this level could drag prices down to $4,354.8. For silver, immediate support is seen at $69.13, and a breach below this level could push prices lower towards $63.9.
Market experts say bullion continues to see buying on dips due to lingering geopolitical risks and currency movements.
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“Gold and silver are seeing selective buying at lower levels, supported by a softer dollar and continued geopolitical uncertainty. While the intensity of safe-haven demand has reduced compared to earlier spikes, underlying risks continue to provide intermittent support, keeping bullion sentiment cautiously positive,” said Ponmudi R, CEO of Enrich Money.
Hariprasad K, Research Analyst and Founder at Livelong Wealth, said gold continues to remain well supported due to safe-haven demand amid geopolitical uncertainty.
More Upside Ahead?
Analysts believe that a decisive breakout above $4,800 in spot gold could push prices towards $4,850 and then $4,900. In the domestic market, a sustained move above Rs 1,52,000 on MCX could revive bullish momentum and open the path towards Rs 1,54,000–Rs 1,55,000, with further upside towards Rs 1,56,000–Rs 1,58,000.
For silver, a sustained move above $74 on COMEX could push prices towards $76–$78. On MCX, the Rs 2,33,000–Rs 2,34,000 zone is seen as immediate resistance, and a breakout above this level could trigger a recovery towards Rs 2,37,000–Rs 2,40,000.
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