Gold Prices Soar by 5.77% Weekly Amid Crude Oil Decline
Synopsis
In a week marked by geopolitical tensions and a decrease in crude oil prices, gold has seen a notable surge of 5.77%. Traders are navigating a volatile market while keeping an eye on central bank policies and international developments.
Key Takeaways
Gold prices increased by 5.77% during the week.
Gold futures are currently at Rs 1,44,500 .
Geopolitical tensions and crude oil price drops are influencing market dynamics.
Traders are advised to watch for support around Rs 1,36,000–Rs 1,40,000 .
Resistance levels are set near Rs 1,55,000–Rs 1,60,000 .
New Delhi, March 28 (NationPress) Gold prices surged by 5.77 percent over the course of the week, driven by ongoing geopolitical tensions and a decline in crude oil prices.
On Friday, MCX gold futures for April saw an increase of 0.15 percent, whereas MCX silver futures for May experienced a slight drop of 0.09 percent. Currently, gold futures are priced at Rs 1,44,500, whereas silver futures are at Rs 2,27,750 per kilogram.
The rate for 10 grams of 24-carat gold stood at Rs 1,42,942 on Friday, up from Rs 1,35,141 at the beginning of the week, according to data from the India Bullion and Jewellers Association (IBJA).
Gold spot prices faced a minor decline on the final trading day due to the strength of the US dollar impacting the market.
MCX gold in India showed a consistent recovery from a weekly low of Rs 1,29,595 per 10 grams, while COMEX gold concluded above $4,500 per troy ounce.
Market analysts indicated that the recent drop in gold prices resulted from traders liquidating positions to obtain cash amid risk-asset losses; however, the underlying upward trend persists due to central bank purchases and geopolitical uncertainties supporting price levels.
Moreover, high US Treasury yields diminished the attractiveness of non-yielding assets such as gold during the week.
Analysts observed that the retreat in Brent crude prices from nearly $120 per barrel to approximately $93 earlier in the week alleviated inflation concerns and facilitated gold's recovery from oversold conditions.
Traders are proceeding with caution as short-term fluctuations are expected to be pronounced, influenced by developments in the Middle East, unstable crude prices, and central bank policy cues.
"The commodities market is entering the week in a phase of careful stabilization following last week’s significant correction," remarked an analyst.
"The recent downturn has moderated overbought levels, with prices now seeking to regain momentum amidst mixed global signals, including a robust US dollar and shifting geopolitical situations in the Middle East," he added.
MCX Gold prices are currently trading close to support levels after an extended multi-week uptrend, with the Rs 1,36,000–Rs 1,40,000 range serving as a solid foundation, as stated by a market participant.
Resistance is now identified near the Rs 1,55,000 to Rs 1,60,000 levels, he noted.
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Point of View
It’s crucial to highlight the market's sensitivity to global events. The recent rise in gold prices reflects underlying tensions and economic uncertainties. This fluctuation underscores the importance of staying informed about geopolitical developments and their potential impact on financial markets.
NationPress
3 Jul 2026
Frequently Asked Questions
What factors contributed to the recent increase in gold prices?
The increase in gold prices was primarily due to sustained geopolitical tensions and a decline in crude oil prices, which eased inflation fears.
How much did gold prices rise this week?
Gold prices rose by 5.77% during the week.
What is the current price of gold futures?
Currently, gold futures are priced at Rs 1,44,500.
What impact did the US dollar have on gold prices?
A strong US dollar negatively impacted gold spot prices, causing a slight dip on the last trading day.
What levels should traders watch for MCX gold?
Traders should monitor support levels near Rs 1,36,000 to Rs 1,40,000 and resistance levels near Rs 1,55,000 to Rs 1,60,000.
