Gold and silver prices went up on Friday after a mild dip in the previous session, driven by conflict in the Middle East and a softer dollar.
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NEW DELHI — Gold and silver prices went up on Friday after a mild dip in the previous session, driven by conflict in the Middle East and a softer dollar.
MCX gold April futures gained 0.64 per cent to INR 1,60,700 per 10 grams on an intra-day basis. Meanwhile MCX silver May futures gained 1.87 per cent to INR 2,67,100 per kg.
Earlier in the day, silver prices on MCX had jumped 2.6 per cent while gold advanced over 1 per cent followed by profit booking.
As investors wait for cues from the US February jobs report, due later Friday, traders widely expect the US Federal Reserve to keep interest rates unchanged at its policy meeting set to conclude on March 18, according to multiple reports.
Also read: Sensex, Nifty post sharp losses amid Middle East tensions
Spot silver edged marginally in international markets to $82.26 per ounce, while spot gold was flat on an intraday basis.
Analysts said the US-Iran war has lifted inflation concerns and trimmed bets on near‑term Fed rate cuts.
As the war against Iran entered its seventh day, investors are concerned about disruption of energy supplies.
The dollar index eased 0.29 per cent to 99.03, making greenback-backed bullion cheaper for buyers in overseas currencies
US President Donald Trump continued to maintain his aggressive stance on Iran and signalled he had some plans for Cuba too.
Further, the US Defence Secretary Pete Hegseth said the United States has enough munitions to sustain the campaign for an extended period.
Meanwhile, after a surge of over 15 per cent since last week when the US-Israel and Iran war began, oil prices dropped early on Friday after the US said it would allow a 30-day waiver for Indian refiners to purchase Russian oil stranded at sea.
The April contract of the benchmark Brent crude on the Intercontinental Exchange was trading at $84.21 per barrel, down by 1.52 per cent from its previous close.
"Gold has support at INR 1,58,000 and INR 1,56,600 per 10 gram while resistance at INR 1,61,100 and INR 1,62,800. MCX silver has support at INR 2,57,700 and INR 2,52,000 per kg and resistance is at INR 2,66,000 and INR 2,71,000," an analyst said.