Mumbai, Feb 21 (NationPress) Gold prices experienced an increase of 0.23 percent throughout the week, fueled by renewed interest in purchasing due to global macroeconomic factors, a rise in safe haven demand, and the absence of clear direction from the US Federal Reserve.

On Friday, MCX gold futures for February saw a rise of 0.07 percent, while MCX silver futures for March jumped by 4.41 percent. Currently, gold futures are priced at Rs 1,56,993, with silver futures at Rs 2,52,042 per kg.

The cost for 10 grams of 24-carat gold was reported at Rs 1,54,080 on Friday, down from Rs 1,54,483 noted on Monday, according to data from the India Bullion and Jewellers Association (IBJA).

The lifting of additional margins in futures markets on domestic exchanges has encouraged greater speculative participation and increased intraday trading activity, leading to a rise in prices.

Effective Thursday, the MCX and NSE removed the additional margin of 3 percent on Gold Futures and 7 percent on Silver Futures across all contract variants.

Market analysts observed that commodities entered the week undergoing a phase of controlled consolidation after significant directional shifts in energy and metals. They noted that metals continue to trade within a rising channel framework, with market internals suggesting absorption at higher levels, while the overall medium-term structure remains positive.

Resistance is now solidly established around the Rs 1,55,000 range, while the Rs 1,52,000 to Rs 1,53,000 area has evolved into a short-term demand zone following repeated absorption.

The analysts pointed out that ongoing supply deficits and industrial demand from sectors such as green energy, electric vehicles, artificial intelligence, and electronics continue to support a bullish outlook for silver. They also noted the central bank's persistent accumulation of gold.

Volatility in silver is attributed to a mismatch between supply and demand and profit-taking actions following significant gains over the past year, though gold prices remain relatively high compared to previous weeks.

A stronger dollar and fluctuating interest rate expectations from the US Federal Reserve may pose challenges for precious metals, while ongoing geopolitical tensions are likely to sustain risk-averse investments, leading to an uptick in gold and silver prices in the days ahead, analysts project.

A recent report indicates that gold and silver have entered a 3-5 year bull market, supported by favorable macroeconomic conditions and structural demand trends.

aar/pk