Gold approaches Rs 1.70 lakh, silver nears Rs 3 lakh amid safe-haven buying driven by geopolitical tensions in the Middle East Precious metals, including gold and silver, have shown strong upward momentum this week, fueled by escalating geopolitical tensions in the Middle East and heightened volatility in the commodities market. Despite brief intraday pullbacks and profit-taking, the overall trend for gold and silver remains bullish. Gold futures for April 2 on the Multi Commodity Exchange (MCX) broke through the Rs 1,65,000 resistance level, trading near Rs 1,69,880. However, the price closed slightly lower on Friday at Rs 1,61,675, slightly below the previous day’s close. Silver futures for May 5 on MCX also surged, surpassing the Rs 2,85,000 mark and trading close to Rs 3,00,000 amid elevated volatility. Ponmudi R, CEO of Enrich Money, noted that gold and silver approached record highs before experiencing mild corrections, while crude oil prices spiked due to concerns over supply disruptions. He emphasized that traders are actively participating near key breakout levels, though the high volatility underscores the importance of disciplined risk management. Technical indicators suggest sustained strength in the gold market, with the metal likely to test Rs 1,70,000 if support holds. A drop below Rs 1,57,000 could trigger further corrective pressure toward Rs 1,50,000. For silver, the Rs 2,55,000–Rs 2,65,000 range is now a strong demand zone, with potential for the price to extend toward Rs 3,00,000–Rs 3,05,000. However, a decline below Rs 2,60,000 might lead to short-term consolidation. Ponmudi advised traders to remain cautious around recently tested support levels, as macroeconomic and geopolitical risks continue to influence market sentiment.#middle_east #multi_commodity_exchange #ponmudi_r #enrich_money #comex
