MUMBAI, India — Gold prices were largely steady on Wednesday as improving prospects for easing tensions between the United States and Iran kept investor sentiment subdued.
During early trading, MCX gold May futures edged up 0.02% to Rs 1,53,305 per 10 grams.
Analysts said a sustained move above Rs 1,55,000 could revive momentum toward Rs 1,57,000–Rs 1,58,000.
“On the downside, a break below Rs 1,54,000 may lead to a corrective move toward Rs 1,52,000 and further to Rs 1,50,000,” an analyst said.
Silver prices, however, saw stronger buying interest. MCX silver May futures rose 0.83% to Rs 2,54,842 per kilogram.
“Resistance is placed at Rs 2,60,000–Rs 2,63,000, with further upside toward Rs 2,68,000–Rs 2,70,000,” a market expert said.
“A sustained move above these levels could strengthen momentum and support further gains. On the downside, a break below Rs 2,48,000 may lead to a corrective move toward the Rs 2,44,000–Rs 2,40,000 range,” another analyst said.
In the previous session, gold ended flat at Rs 1,53,216 per 10 grams, while silver futures slipped 0.1% to Rs 2,25,499 per kilogram.
Globally, gold held on to recent gains amid optimism that Washington and Tehran could move toward a negotiated settlement to the conflict that began on February 28.
Easing tensions have reduced fears of a major energy supply shock, which had previously raised concerns about inflation.
Spot gold hovered near $4,850 an ounce after rising as much as 0.6% during the session. The metal had surged more than 2% in the previous trading session on expectations that the United States and Iran may soon hold a second round of ceasefire talks.
U.S. President Donald Trump said negotiations could resume “over the next two days,” boosting hopes for a diplomatic breakthrough.
Despite recent stability, gold has come under pressure in recent weeks, falling nearly 8% since the conflict began.
Early in the crisis, a liquidity squeeze prompted investors to sell bullion holdings to cover losses in other asset classes. (Source: IANS)
