Silver Gains Rs 1,500, Gold at Rs 1.53 Lakh: Key Levels to Watch
Gold and silver prices climbed on Friday as markets responded to easing tensions surrounding potential US-Iran peace talks. The positive sentiment reduced fears of inflation and prolonged high interest rates, leading to notable gains in the precious metals.
Current Market Highlights
– Silver Performance: On the Multi-Commodity Exchange (MCX), silver futures for May 2026 delivery rose by Rs 1,458, or 0.5%, reaching Rs 2,50,086 per kg.
– Gold Stability: Gold futures for June 2026 delivery remained largely unchanged at Rs 1,53,079 per 10 grams.
– International Market Trends:
– Spot gold held steady at $4,789.67 per ounce, reflecting a 0.9% increase for the week.
– US gold futures for June remained stable at $4,809.30.
– Spot silver dipped 0.2% to $78.26 per ounce but is also on track for a fourth consecutive weekly gain.
Geopolitical Influences
Market enthusiasm was bolstered by significant geopolitical developments:
– A 10-day ceasefire between Lebanon and Israel commenced on Thursday.
– US President Donald Trump indicated that the next phase of US-Iran discussions could occur over the weekend.
Despite earlier concerns that surging energy prices might amplify inflation and keep global interest rates high, which had caused gold prices to drop over 8% since late February, the current climate favors optimism.
Trading Strategies for Gold and Silver
Manoj Kumar Jain of Prithvi Finmart believes that both metals are likely to find support at critical levels in the coming weeks. Here are the key support and resistance levels to monitor:
Gold Trading Levels
– Support: $4,774 to $4,740 per troy ounce
– Resistance: $4,840 to $4,884 per troy ounce
Silver Trading Levels
– Support: $76.60 to $74.00 per troy ounce
– Resistance: $80.40 to $82.80 per troy ounce
Domestic Market Insights
On the domestic front:
– MCX Gold:
– Support: Rs 1,52,500 to Rs 1,51,100
– Resistance: Rs 1,54,200 to Rs 1,55,000
– MCX Silver:
– Support: Rs 2,45,500 to Rs 2,42,000
– Resistance: Rs 2,51,500 to Rs 2,55,000
Expert Recommendations
Jain advocates for a buy-on-dips approach for both gold and silver:
– Gold: Buy on declines, targeting Rs 1,55,000 to Rs 1,57,000 as long as prices stay above Rs 1,48,800.
– Silver: Consider purchasing on dips while prices hold above Rs 2,41,000, aiming for Rs 2,55,000 to Rs 2,61,000.
Physical Gold Prices in Major Cities
– Delhi:
– Standard Gold (22 carat): Rs 1,14,208 per 8 grams
– Pure Gold (24 carat): Rs 1,24,584 per 8 grams
– Mumbai:
– Standard Gold (22 carat): Rs 1,14,088 per 8 grams
– Pure Gold (24 carat): Rs 1,24,464 per 8 grams
– Chennai:
– Standard Gold (22 carat): Rs 1,14,888 per 8 grams
– Pure Gold (24 carat): Rs 1,25,336 per 8 grams
– Hyderabad:
– Standard Gold (22 carat): Rs 1,14,088 per 8 grams
– Pure Gold (24 carat): Rs 1,24,464 per 8 grams
Conclusion
With silver gaining Rs 1,500 and gold stabilizing around Rs 1.53 lakh, investors should keep a close eye on these key levels as geopolitical developments evolve. A buy-on-dips strategy might present favorable opportunities in the precious metals market. Always consider expert advice to align trading strategies with current market conditions.