Daijiworld Media Network - Mumbai
Mumbai, Feb 21: Gold prices posted a modest weekly gain of 0.23 per cent, supported by renewed safe-haven buying amid global macroeconomic uncertainties and the absence of clear policy signals from the Federal Reserve.
On Friday, gold futures for February delivery on the Multi Commodity Exchange (MCX) rose 0.07 per cent, while March silver futures jumped 4.41 per cent. Gold futures were trading at Rs 1,56,993, and silver futures at Rs 2,52,042 per kg.
According to data from the India Bullion and Jewellers Association (IBJA), the price of 10 grams of 24-carat gold stood at Rs 1,54,080 on Friday, slightly lower than Rs 1,54,483 recorded at the start of the week.
Market participants attributed the recent uptick to the removal of additional margins in domestic futures trading, a move that encouraged higher speculative participation and boosted intraday volumes. Both the Multi Commodity Exchange and the National Stock Exchange of India (NSE) withdrew the extra margins — 3 per cent on gold futures and 7 per cent on silver futures — across all contract variants, effective Thursday.
Analysts noted that precious metals are currently in a consolidation phase after strong directional moves seen earlier across commodities. While short-term resistance for gold is pegged around Rs 1,55,000, the Rs 1,52,000–1,53,000 range has emerged as a key demand zone. Broader technical indicators suggest the medium-term outlook remains positive.
Silver continues to draw support from structural supply tightness and rising industrial demand linked to green energy, electric vehicles, artificial intelligence, and electronics manufacturing. At the same time, sustained gold accumulation by central banks has reinforced bullish sentiment.
Experts cautioned that a stronger US dollar and shifting interest-rate expectations from the Federal Reserve could weigh on prices.
However, persistent geopolitical tensions are expected to keep risk-averse flows intact, potentially supporting further gains in gold and silver. A recent market report suggested that both metals may be entering a multi-year bull cycle, backed by favourable macroeconomic trends and robust structural demand.