Gold prices on the Multi Commodity Exchange (MCX) surged to around Rs 1.55 lakh per 10 grams on Wednesday after US President Donald Trump's claim of a potential Iran ceasefire lifted sentiment in global bullion markets. Silver prices also rose around 1%, tracking the momentum in gold and ongoing geopolitical developments.
Gold as of 9:33 p.m. was trading over 2% higher, while Silver was up ay Rs 2,43,650 per Kg.
Could Gold See Further Upside?
According to Ponmudi R, CEO of Enrich Money, gold continues to show further upside potential, with prices likely to move towards the Rs 1,58,000–Rs 1,60,000 range, where supply pressure is expected to emerge. On the downside, he said a sustained break below Rs 1,50,000 could trigger extended profit booking, which may drag prices towards the Rs 1,48,000–Rs 1,46,000 range. He added that the near-term bias remains cautious but supported by underlying strength, with macro uncertainty and geopolitical developments expected to drive momentum.
Saumil Gandhi of HDFC Securities said gold prices continued to rise amid signs of easing tensions in West Asia, which could reduce the risk of further escalation and damage to energy infrastructure. He added that this supports expectations of softer oil prices, eases long-term inflation concerns and reduces the likelihood of additional rate hikes by central banks.
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In the international market, spot gold gained about 2% to trade near $4,743 per ounce, while silver was trading around $ 75 per ounce. Kaynat Chainwala of Kotak Securities said gold traded near a two-week high as traders assessed longer-term economic risks and awaited US President Donald Trump's address on the Iran conflict. She added that the rebound in precious metals followed signals from Iran suggesting a potential end to the conflict and reports that the US may scale back military operations.
Could SIlver See Further Upside?
For silver, Ponmudi said the Rs 2,43,000–Rs 2,45,000 zone now acts as the immediate resistance band. A sustained move above this level could trigger a recovery towards the Rs 2,50,000–Rs 2,55,000 range. On the downside, a decisive break below Rs 2,39,000 could accelerate the decline towards Rs 2,36,000, which remains a crucial structural support level, with further downside potential extending towards the Rs 2,32,000–Rs 2,30,000 region. The near-term outlook for silver remains cautious and largely dependent on sustaining above key resistance levels.
Despite the recent gains, both metals ended March lower in overseas markets, with gold down 11% and silver down 20%. However, in the domestic market, bullion delivered strong returns in FY2025–26, with gold surging by Rs 57,350, or around 61%, from Rs 94,150 per 10 grams recorded on April 1, 2025. Silver surged by Rs 1,34,500 during the same period, delivering more than 131% returns to investors.
Going forward, bullion prices are expected to remain sensitive to geopolitical developments, Trump's upcoming address and key US macroeconomic data releases, including jobs data, retail sales and manufacturing PMI, which could shape expectations for growth, inflation and the Federal Reserve's monetary policy trajectory.
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