Daijiworld Media Network - New Delhi
New Delhi, Apr 11: Gold prices continued their upward momentum this week, rising 1.65 per cent and marking another consecutive weekly gain, supported by safe-haven demand and a softer US dollar amid easing inflation concerns and the onset of US-Iran ceasefire talks.
On Friday, futures on the Multi Commodity Exchange of India showed marginal movement, with gold June contracts inching up 0.02 per cent and silver May futures gaining 0.01 per cent. Gold futures were trading at Rs 1,52,690, while silver stood at Rs 2,43,300 per kg.
According to data from the India Bullion and Jewellers Association, the price of 10 grams of 24-carat gold rose to Rs 1,50,327 on Friday, up from Rs 1,47,891 at the start of the week.
In the international market, COMEX gold settled at $4,787.40 per troy ounce, registering a 3 per cent weekly gain. Analysts pointed out that prices are approaching a key resistance level near $5,000, beyond which a stronger bullish trend could emerge.
Market sentiment was influenced by pressure on the US dollar following the easing of tensions between the United States and Iran, prompting traders to reassess expectations around interest rates. Lower crude oil prices after the de-escalation have also strengthened hopes of reduced inflation, increasing the likelihood of future rate cuts by the Federal Reserve.
Despite recent volatility, the commodities market showed early signs of stabilisation, with precious metals maintaining a balanced trajectory amid ongoing macroeconomic uncertainty.
Currency movements, particularly the USD/INR pair, remain a key factor influencing domestic prices. Recent strength in the rupee has helped cushion gold and silver rates, though any reversal driven by global risk sentiment or renewed dollar strength could impact future trends.
Technically, MCX gold is holding above its key support range of Rs 1,48,000–Rs 1,46,000, with immediate resistance seen between Rs 1,54,000 and Rs 1,55,000. Meanwhile, MCX silver remains supported in the Rs 2,30,000–Rs 2,25,000 zone, with deeper support levels around Rs 2,05,000–Rs 2,00,000.