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Gold prices advanced on Wednesday supported by heightened geopolitical concerns, uncertainty over US trade tariffs and softer US dollar. Investor demand for safe-haven assets strengthened sentiment across markets.
On the Multi Commodity Exchange gold April futures rose by over 0.70% to Rs. 1,61,072 per 10 grams. Silver March futures outperformed and jumped over 3% to Rs. 2,67,990 per kilogram.
The price of 24K gold increased by Rs. 11 in early trade with ten grams of the precious metal trading at Rs. 1,61,890.
The price of 22K gold also increased by Rs. 10 with ten grams of the yellow metal selling at Rs. 1,48,400.
The price of ten grams of 24K gold stood at Rs 1,61,890 in Mumbai and Kolkata and Rs 1,62,800 in Chennai.
In Delhi the price of ten grams of 24K gold stood at Rs 1,62,040.
In international markets US gold futures for April delivery climbed close to 1% to $5,211.80 before easing slightly. Spot gold was trading near $5,146 per ounce, holding firm after recent swings.
The dollar index slipped to around 97.70, making dollar-denominated gold cheaper for overseas buyers.
Silver prices globally hovered near $87 per ounce after touching multi-week highs earlier this week. Platinum and palladium also posted modest gains.
Safe-haven demand intensified as US-Iran tensions remained unresolved ahead of upcoming nuclear talks later this week.
Market participants are closely tracking diplomatic developments as geopolitical stress normally increases gold demand.
Investor behavior could be influenced by ongoing uncertainty surrounding US trade policy. The US administration established a new 10% import tariff after legal challenges to previous tariff measures with plans to raise the tariff to 15% in future.
The People’s Bank of China reportedly extended its gold buying streak for the 15th consecutive month and reinforces structural demand support.
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Analysts suggest buying gold on dips near Rs. 1,59,000-Rs. 1,57,000 with immediate resistance placed at Rs. 1,61,400 and Rs. 1,63,000 on MCX. For Silver support lies around Rs. 2,54,400 and resistance is seen near Rs. 2,66,000-Rs. 2,71,000.
Internationally gold has support at $5,122 and $5,084 while resistance is at $5,220 and $5,264 per troy ounce. Silver has support at $84.80 and $82 while resistance is at $90 and $92.40 per troy ounce.
