Mumbai, March 27 (NationPress) The prices of gold and silver experienced a significant increase on Friday, fueled by safe-haven demand amidst ongoing instability and diminishing prospects for reducing tensions in the West Asia conflict.

Gold futures set for April 2 delivery soared by as much as 2.27%, equivalent to Rs 3,167, reaching an intraday peak of Rs 1,42,660 per 10 grams on the Multi Commodity Exchange (MCX) around 11:20 AM. Subsequently, the yellow metal was trading at Rs 1,42,500, reflecting an increase of Rs 3,007 or 2%.

During the trading session, gold recorded an intraday low of Rs 1,40,287, which still indicated a rise of 0.56% or Rs 794.

Similarly, silver futures for May 5 surged, climbing as much as 3.65% to reach an intraday high of Rs 2,27,901 per kg on the MCX. The white metal had previously dipped to Rs 2,23,515 during the session, but was trading at Rs 2,27,799, up Rs 7,925 or approximately 3% at the latest update.

Experts noted that the increase in these precious metals was driven by geopolitical tensions, which have left risk sentiment fragile and have heightened the demand for safe-haven assets.

In the global arena, COMEX gold was trading in the range of $4,400–$4,500, remaining above critical short-term moving averages, although the overall trend continues to be volatile.

“A persistent move above $4,600 could push prices towards $4,750, while a breach below $4,300 may initiate fresh weaknesses,” they stated.

On the local front, MCX gold continues to maintain a position above the Rs 1,40,000 support level, indicating robust underlying strength despite the intraday fluctuations.

Analysts anticipate immediate resistance at Rs 1,45,000, with a breakout potentially leading prices towards Rs 1,48,000–Rs 1,50,000.

Likewise, COMEX silver is holding steady above the $66–$68 support zone, with resistance identified around $72–$74. A sustained move above $75 could amplify gains towards $79–$80, as per expert insights.

MCX silver remains strong above Rs 2,24,000, with immediate resistance at Rs 2,30,000. A breakout over this threshold might propel prices towards Rs 2,37,000–Rs 2,40,000, while a decline below Rs 2,18,000 may trigger profit-taking.

Analysts further indicated that precious metals are likely to remain volatile in the short term, influenced by global macroeconomic indicators and geopolitical events that continue to steer price movements.

In contrast, global oil prices fell by more than 2%, with Brent crude futures trading around $100 per barrel.