Gold, silver surge nearly 4% this week on geopolitical tensions, crude volatility
Synopsis
Gold and silver posted their sharpest weekly gains in recent memory on MCX, with silver briefly topping ₹3,04,891 intraday — a surge of over 16 per cent at its peak. The rally was not a clean safe-haven story: volatile crude and unresolved geopolitical tensions created a volatile mix that drove both buying frenzies and sharp profit-booking within the same week.
Key Takeaways
MCX gold futures settled 3.94% higher at ₹1,58,547 on 16 May , a weekly gain of ₹6,017 .
MCX silver futures closed 3.8% higher at ₹2,71,886 , gaining ₹9,964 for the week.
Gold hit an intraday peak of ₹1,64,497 on 13 May , up 7.84% at its highest point this week.
Silver surged as much as 16.40% intraday on 13 May , touching ₹3,04,891 before sharp profit-booking.
The India Bullion and Jewellers Association (IBJA) pegged retail 24-carat gold at ₹1,58,159 per 10 grams on Friday.
Analysts see gold resistance at ₹1,60,000–₹1,61,000 and silver resistance at ₹2,80,000–₹2,84,000 in the near term.
Gold and silver prices on the Multi Commodity Exchange (MCX) surged close to 4 per cent this week, driven by persistent geopolitical uncertainty and erratic crude oil prices. The rally underscores renewed safe-haven demand as global risk sentiment remains fragile.
Weekly Settlement Figures
MCX gold futures (June 5) settled 3.94 per cent higher — up ₹6,017 — closing at ₹1,58,547 on Friday, 16 May. MCX silver futures (July 3) ended the week 3.8 per cent higher, gaining ₹9,964 to close at ₹2,71,886.
Intraday Swings Reflect Sharp Volatility
The yellow metal's intraweek range was especially wide. Gold surged as much as 7.84 per cent — or ₹11,967 — to touch an intraday high of ₹1,64,497 on 13 May, before retreating. On the downside, it slipped to an intraday low of ₹1,51,500 on 11 May, a decline of 0.67 per cent.
Silver's intraweek moves were even more dramatic. The metal rallied as much as 16.40 per cent — or ₹42,969 — hitting an intraday peak of ₹3,04,891 on 13 May. It touched a weekly low of ₹2,60,986 on 11 May, a dip of 0.35 per cent.
What Market Analysts Are Watching
According to market experts, MCX gold futures are consolidating in the ₹1,58,000–₹1,59,000 range after facing selling pressure from higher levels, though the broader trend remains positive. Immediate resistance is seen at ₹1,60,000–₹1,61,000, while the ₹1,54,000–₹1,55,000 band is considered a key support zone.
Analysts caution that prices may stay range-bound in the near term unless gold decisively clears these resistance levels. For silver, futures are hovering near the ₹2,70,000–₹2,72,000 range after sharp profit-booking from recent highs near ₹3,05,000. Immediate resistance is pegged at ₹2,80,000–₹2,84,000, with support expected in the ₹2,60,000–₹2,65,000 zone.
Retail Gold Prices
According to data published by the India Bullion and Jewellers Association (IBJA), the retail price of 10 grams of 24-carat gold stood at ₹1,58,159 on Friday, 16 May. This closely tracks MCX futures, reflecting the week's broader upward move in bullion.
The Broader Context
This week's surge fits a pattern seen across global commodity markets whenever geopolitical stress spikes and crude oil turns volatile — both of which tend to push investors toward hard assets. Notably, silver's intraweek swing of over 16 per cent at its peak suggests speculative positioning alongside genuine safe-haven buying, a dynamic that historically precedes elevated two-way volatility in the sessions ahead.
With geopolitical flashpoints unresolved and crude remaining unpredictable, bullion markets are likely to stay sensitive to macro headlines in the coming week.
Point of View
Not just safe-haven demand — and it cuts both ways. The sharp profit-booking that followed, pulling silver back from ₹3,04,891 to the ₹2,71,000 range, is a warning sign for retail investors chasing momentum. Gold's story is cleaner — geopolitical risk premium building steadily — but even there, the ₹1,60,000 resistance has now been tested and rejected twice. Until that level breaks convincingly, the 'broader positive trend' analysts cite is more aspiration than confirmed direction.
NationPress
31 Jul 2026
Frequently Asked Questions
What were MCX gold and silver prices this week?
MCX gold futures (June 5) settled at ₹1,58,547 on 16 May, up 3.94% or ₹6,017 for the week. MCX silver futures (July 3) closed at ₹2,71,886, a weekly gain of 3.8% or ₹9,964.
Why did gold and silver prices rise this week?
Prices rose due to persistent geopolitical uncertainty and volatile crude oil prices, which pushed investors toward safe-haven assets like gold and silver. These twin pressures sustained buying interest across the week despite intermittent profit-booking.
What was the highest price gold and silver reached this week?
Gold touched an intraday high of ₹1,64,497 on 13 May, surging 7.84% at its peak. Silver hit an intraday high of ₹3,04,891 on the same day, a surge of 16.40% from its weekly low.
What is the current retail gold price according to IBJA?
According to data published by the India Bullion and Jewellers Association (IBJA), the retail price of 10 grams of 24-carat gold stood at ₹1,58,159 on Friday, 16 May.
What are the key support and resistance levels for gold and silver?
For gold, analysts see immediate resistance at ₹1,60,000–₹1,61,000 and key support at ₹1,54,000–₹1,55,000. For silver, resistance is near ₹2,80,000–₹2,84,000, with support expected in the ₹2,60,000–₹2,65,000 zone.
