MUMBAI — Gold and silver prices surged on Wednesday, rising as much as 6 percent amid fresh developments related to tensions in West Asia that boosted demand for safe-haven assets.
On the Multi Commodity Exchange, gold futures for April delivery climbed to an intraday high of Rs 1,44,570 per 10 grams, up Rs 5,658, before easing slightly to trade around Rs 1,44,410, still higher by nearly 4 percent.
Silver futures for May delivery posted even stronger gains, jumping about 6 percent, or Rs 13,228, to touch an intraday high of Rs 2,14,500 per kilogram.
In global markets, COMEX gold rose 4.48 percent to $4,633.17, while COMEX silver surged 7.5 percent to $74.8.
Analysts said gold remains in a strong trading range between Rs 1,43,000 and Rs 1,45,000, reflecting underlying bullish momentum. Immediate resistance is seen around Rs 1,48,000, with further upside potential toward Rs 1,55,000 to Rs 1,57,000. On the downside, support levels are placed between Rs 1,37,000 and Rs 1,40,000.
Silver also continues to show strength, with resistance near Rs 2,40,000 and key support around Rs 2,27,000.
Market participants are maintaining a cautiously positive outlook on precious metals, with many favoring a “buy on dips” strategy as long as key support levels hold. Analysts said ongoing geopolitical developments are likely to keep prices volatile in the near term.
The rally comes amid reports that the United States has proposed a 15-point ceasefire plan to Iran, while also preparing to deploy additional troops to the region. According to reports, intermediaries from Pakistan have offered to host renewed talks between Washington and Tehran.
U.S. President Donald Trump said recent discussions between the two sides had been “very good and productive,” and indicated that potential military action targeting Iran’s energy infrastructure would be delayed for five days to allow further negotiations.
However, Iran’s parliamentary speaker Mohammad-Bagher Ghalibaf dismissed reports of talks, highlighting continued uncertainty around the situation. (Source: IANS)
