Gold prices witnessed a sharp rebound on Tuesday. It’s no doubt a strong recovery in international bullion markets amid heightened global uncertainty. The temporary pause in key US economic data releases has also influenced the prices.
On the Multi Commodity Exchange (MCX), gold prices for April contracts were up over 3% at Rs. 1,48,676 per 10 grams. Silver prices for March contracts also surged, jumping over 7% to Rs. 2,54,005 per kg.
The price of 24K gold declined by Rs. 142 in early trade on Tuesday, with ten grams of the precious metal trading at Rs. 1,51,750.
The price of 22K gold also decreased by Rs. 130 with ten grams of the yellow metal selling at Rs. 1,39,100.
The price of ten grams of 24K gold stood at Rs. 1,51,750 in Mumbai and Kolkata and Rs. 1,53,060 in Chennai as it increased by Rs. 80 per gram.
In Delhi, the price of ten grams of 24K gold stood at Rs. 1,51,900.
International bullion prices posted strong gains, supported by a partial US government shutdown that has delayed the release of key economic indicators.
The lack of fresh macro data reduced near-term interest rate visibility. It also improved gold’s appeal as a store of value.
Spot gold rallied nearly 4% to around $4,837 per ounce and rebounded from a near one-month low seen in the previous session.
US gold futures advanced more than 4% to trade at $4,860 per ounce. Silver prices also saw a strong increase of 6% to reach approximately $84 per ounce.
The two metals have maintained their positions near record highs amid ongoing demand. The scenario highlights sustained long-term demand on the back of inflation hedging, geopolitical risk, and central bank accumulation.
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On MCX, gold is expected to find support near Rs. 1,38,000-Rs. 1,35,000, while resistance is seen around Rs. 1,49,000-Rs. 1,51,000. A sustained breakout above Rs. 1,50,000 could open the path toward higher medium-term targets.
Silver has support near Rs. 2,25,000, with resistance clustered around the Rs. 2,45,000-Rs. 2,50,000 zone.
Internationally, gold faces resistance near $4,900, while silver may encounter selling pressure closer to $88-$95.