Gold, silver surge nearly 4 pc this week amid geopolitical tensions, volatile crude

Mumbai, May 16 : Gold and silver prices jumped by nearly 4 per cent this week amid persistent geopolitical uncertainty and volatile crude oil prices.

On the Multi Commodity Exchange (MCX), gold futures (June 5) settled 3.94 per cent or Rs 6,017 higher at Rs 1,58,547 on Friday.

Similarly, silver futures (July 3) ended 3.8 per cent or Rs 9,964 higher at Rs 2,71,886 on the commodity exchange.

During the week, the yellow metal surged as much as 7.84 per cent or Rs 11,967 to touch an intraday high of Rs 1,64,497 on May 13. On the downside, it slipped up to 0.67 per cent or Rs 1,030 to an intraday low of Rs 1,51,500 on May 11.

Silver, meanwhile, rallied as much as 16.40 per cent or Rs 42,969 to hit an intraday high of Rs 3,04,891 on May 13. It declined by 0.35 per cent or Rs 936 to touch an intraday low of Rs 2,60,986 on May 11.

According to market experts, MCX gold futures traded near the Rs 1,58,000-1,59,000 range after witnessing selling pressure from higher levels, although the broader trend remains positive.

Analysts said immediate resistance for gold is seen around Rs 1,60,000-1,61,000, while the Rs 1,55,000-1,54,000 range remains a key support zone.

They added that prices may remain range-bound in the near term unless gold decisively moves above major resistance levels.

MCX silver futures are trading near the Rs 2,70,000-2,72,000 range after sharp profit booking from recent highs around Rs 3,05,000, according to them.

They said silver continues to hold above important support levels despite elevated volatility, indicating buying interest on declines.

However, immediate resistance is seen near Rs 2,80,000-2,84,000, while the Rs 2,65,000-2,60,000 zone is expected to provide near-term support.

According to data published by the India Bullion and Jewellers Association (IBJA), the price of 10 grams of 24-carat gold stood at Rs 1,58,159 on Friday.