Mumbai, March 7 || Precious metals – gold and silver – maintained their bullish momentum this week, as escalating geopolitical tensions in the Middle East spurred safe-haven buying and heightened volatility across the broader commodities basket.
Despite intermittent intra-day pullbacks and profit-taking, the trend structure for precious metals remains decisively bullish.
Gold futures (April 2) on MCX extended their upward trajectory, breaking the Rs 1,65,000 resistance and trading at Rs 1,69,880. On Friday, they closed on a flat note at Rs 1,61,675, slightly below the previous close.
Silver futures (May 5) on MCX also continued their upward momentum, breaking above Rs 2,85,000 and trading near the Rs 3,00,000 level amid elevated volatility.
According to Ponmudi R, CEO of Enrich Money, gold and silver approached record highs before experiencing mild corrections, while crude oil surged sharply due to supply disruption concerns.
Traders have shown increased participation near key breakout levels, though elevated volatility underscores the need for disciplined risk management, he added.