Gold and Silver Prices Surge by 3% Amid Easing Geopolitical Tensions
Synopsis
On March 20, gold and silver prices rose significantly, each climbing by 3% as geopolitical tensions in West Asia seem to ease. This rise indicates a potential stabilization in precious metal markets amidst fluctuating global conditions.
Key Takeaways
Gold and silver prices rose by 3% on March 20.
Gold futures peaked at Rs 1,48,302 per 10 grams.
Silver futures reached Rs 2,40,000 per kg.
Global prices for gold and silver have increased as well.
Market sentiment is cautiously optimistic amid geopolitical developments.
Mumbai, March 20 (NationPress) On Friday, gold and silver experienced a significant upsurge in prices, with both precious metals climbing by 3 percent due to optimism surrounding reduced tensions in West Asia.
On the Multi Commodity Exchange (MCX), gold futures for April 2 reached an intra-day peak of Rs 1,48,302 per 10 grams around 10:45 am, marking an increase of 2.30 percent or Rs 3,348. During the trading session, gold dipped to a low of Rs 1,47,401. As of the last update, the price of the yellow metal settled at Rs 1,47,534, reflecting a rise of Rs 2,580 or 1.78 percent.
In a similar trend, silver futures for May 5 rose by 3.68 percent, or Rs 8,540, reaching Rs 2,40,000 per kg. In intra-day trading, silver recorded a low of Rs 2,37,300, and was last quoted at Rs 2,36,903, up Rs 5,443 or 2.35 percent.
Globally, both gold and silver showed positive movement. Comex gold surged by 2.40 percent to $4,716 per ounce, while silver increased by 3.61 percent to $73.78 per ounce.
Manav Modi, a commodities analyst with Motilal Oswal Financial Services, noted that while gold prices were stabilizing in early trading, they were still on track for their worst weekly drop in six years. He attributed this recent decline to increased inflation expectations linked to the ongoing US-Israel conflict with Iran, compounded by diminished hopes for imminent interest rate cuts.
The analyst further explained that the safe-haven appeal of gold has been impacted by a notable rise in the US dollar and Treasury yields, alongside elevated oil prices that have intensified inflation and supply disruption concerns.
Gold and silver had previously seen a sharp decline on Thursday, with gold dropping to approximately Rs 1.44 lakh per 10 grams and silver to around Rs 2.20 lakh per kg.
Experts indicate that MCX gold is trading above critical support levels near Rs 1,47,000, with immediate resistance anticipated in the range of Rs 1,50,000–1,52,000. Conversely, silver is operating within a range-bound territory, with support near Rs 2,33,000 and resistance ranging from Rs 2,43,000 to Rs 2,46,000.
Point of View
It’s vital to recognize the impact of geopolitical factors on financial markets. The recent rise in gold and silver prices reflects investor sentiment amidst fluctuating tensions. Understanding these dynamics is crucial for navigating investment strategies in today's volatile environment.
NationPress
8 Jul 2026
Frequently Asked Questions
What factors influenced the recent rise in gold and silver prices?
The increase in gold and silver prices is attributed to easing geopolitical tensions in West Asia, which has led to a boost in investor confidence.
How are gold and silver prices performing on the MCX?
Gold futures rose by 3% reaching Rs 1,48,302 per 10 grams, while silver futures increased by 3.68% to Rs 2,40,000 per kg.
What are the future projections for gold and silver prices?
Experts suggest that MCX gold is above support levels around Rs 1,47,000, with potential resistance near Rs 1,50,000 to Rs 1,52,000.
How do global market trends affect local gold and silver prices?
Global market trends, including fluctuations in the US dollar and Treasury yields, significantly impact local prices of gold and silver.
What is the current sentiment among investors regarding gold?
Investor sentiment remains cautious but optimistic due to the stabilization of prices and easing geopolitical tensions.
