Daijiworld Media Network - New Delhi
New Delhi, Mar 14: Gold prices declined 0.73 per cent over the past week as investors engaged in profit booking after the metal touched multi-week highs.
On Friday, gold futures on the Multi Commodity Exchange of India (MCX) for the February contract slipped 0.04 per cent, while MCX silver futures for March dropped sharply by 3.24 per cent. Gold futures were trading at around Rs 1,58,400, while silver futures were quoted near Rs 2,59,279 per kg.
According to data from the India Bullion and Jewellers Association, the price of 10 grams of 24-carat gold stood at Rs 1,58,399 on Friday, compared to Rs 1,59,568 recorded on Monday.
Analysts said precious metal prices struggled to maintain higher levels due to a strengthening US dollar and changing expectations regarding interest rates. Despite the decline, safe-haven demand triggered by ongoing geopolitical tensions has continued to provide underlying support to gold and silver prices.
Market participants noted that elevated crude oil prices, driven by concerns over supply disruptions, could keep inflation risks high, which in turn may support demand for gold as a hedge against inflation.
Traders also observed intermittent profit-taking and intraday reversals across commodities, with active participation near key technical price zones.
Meanwhile, geopolitical tensions intensified after the United States reportedly targeted Iranian military facilities on Kharg Island, the country’s main oil export hub that handles around 90 per cent of Iran’s crude shipments. The development heightened concerns over global energy supply disruptions.
Analysts added that the stronger US dollar and rising US Treasury yields have limited gains in precious metals over the past week, unlike earlier periods when gold and silver prices often surged during geopolitical conflicts.
From a technical perspective, resistance for MCX gold is currently seen near the Rs 1,63,000–Rs 1,63,200 range, while the Rs 1,58,000–Rs 1,57,500 zone is considered a strong support level.
Silver futures on MCX also continued their corrective trend during the week after failing to sustain above the Rs 2,80,000–Rs 2,92,000 resistance band. Analysts said the Rs 2,58,000–Rs 2,54,000 range remains a crucial support zone for the metal