Precious metals surged 3 percent this week; currently hovering above 1.52 lakh on MCX, silver 0.35% up
Gold surged past the upper side of the range, touching $4,700 (Rs 1.52 lakh), and silver above $75 (Rs 2.42 lakh). According to the Augmont report (Apr. 1), there’s a likelihood of some retracement and consolidation before prices move towards the next resistance levels: $4,900 (Rs 1.58 lakh) for gold and $80 (Rs 2.58 lakh) for silver. Metals registered gains of over 3 per cent this week, supported by evolving safe-haven dynamics and potential de-escalation of war in the Middle East. Market participants are assessing whether the ongoing conflict will manifest as an inflationary shock, a growth slowdown, or a stagflationary mix, resulting in heightened volatility across asset classes. Meanwhile, domestic gold futures on MCX inched 1.02 percent higher to Rs 1,52,298 per 10 grams from its previous close, while silver surged 0.35 percent higher to Rs 2,41,736 per kilogram of 999 purity (11:08 IST).
