Precious Metals Rally 1–2% as Value Buying Emerges at Support Levels

Mumbai — Gold and silver prices surged on Friday as investors stepped in for value buying after a sharp decline in the previous trading session.

On the Multi Commodity Exchange of India (MCX), gold April futures rose 1.08 per cent to Rs 1,54,480 per 10 grams during intraday trade. Meanwhile, MCX silver March futures climbed 2.59 per cent to Rs 2,42,564 per kg.

According to Sandip Raichura, CEO of Retail Broking and Distribution and Director at PL Capital, gold has shown a strong recovery following its decline at the end of January and is expected to potentially reach $6,000 per ounce by the end of calendar year 2026.

Market experts noted that while Donald Trump approved a trade agreement with India and hinted at a possible deal with Brazil, thereby easing trade-related uncertainties, rising inflation and growing global economic divisions continue to support central bank demand for gold.

Analysts said gold currently has a key support level around Rs 1,54,000 per 10 grams, while silver has support near Rs 2,42,000 per kg on MCX. They added that the broader upward trend remains intact, with the recent decline viewed as routine profit booking rather than a structural downturn.

On the global front, gold futures on the COMEX are trading between $4,850 and $5,100 per ounce after a sharp correction from previous highs above $5,500–$5,600. Similarly, COMEX silver is trading in the range of $73 to $84.7 per ounce after retreating from record highs above $121.

The US dollar index edged higher to 97 on Friday, rising 0.03 per cent from 96.93 in the previous session. Investors are closely monitoring upcoming US inflation data for indications about future interest rate decisions by the Federal Reserve System.

Market analysts believe that ongoing supply shortages and consistent industrial demand are supporting silver’s bullish outlook, while sustained safe-haven demand and continued central bank accumulation could drive gold into a prolonged bull run over the next three years.

With inputs from IANS