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Gold and Silver Turn Volatile as MCX Gold Near Rs. 1.61 Lakh; Investors Track US Jobs Data and Rising Oil Prices
The gold rate on MCX moved higher on Friday morning. Investors bought gold as a safe option amid global uncertainty.
MCX gold April futures went up nearly 1%. Early trades showed it at Rs. 1,61,108 per 10 grams. Silver also jumped, with MCX May futures rising 2.4% to Rs. 2,68,378 per kilogram.
In the past few days, both gold and silver have been very volatile. Experts warn that prices may swing further.
Weak Dollar Helps Gold
The US dollar became weaker, which made gold cheaper for buyers outside the US. The dollar index fell 0.40% to 98.94.
A weak dollar usually supports gold. Overseas buyers can buy more gold for less money. This pushed the gold rate on MCX higher.
In India, 24K gold is trading around Rs. 16,288 per gram. Prices vary slightly in different cities.
US-Iran War Pushes Investors to Gold
The ongoing US-Iran war also pushed gold demand higher. The conflict has entered its seventh day.
US and Israeli attacks on Iranian targets are continuing. Donald Trump said he wants to finish the Iran war first, then mentioned plans involving Cuba.
Tensions in the Middle East have raised oil prices. Higher oil costs increase worries about inflation. Investors often buy gold and silver in such times.
Investors Watch US Jobs Data
Investors are now waiting for the upcoming US jobs data. This report could affect interest rates by the Federal Reserve.
Recent US jobless claims stayed at 2,13,000 last week. Experts expect the Fed to keep rates unchanged in March.
Rising oil prices and inflation concerns have reduced expectations for multiple rate cuts this year.
Price Levels to Watch
Gold support on MCX is around Rs. 1,58,000 and Rs. 1,56,600. Resistance is near Rs. 1,61,100 and Rs. 1,62,800.
Silver support is Rs. 2,57,700 and Rs. 2,52,000. Resistance is Rs. 2,66,000 and Rs. 2,71,000.
Experts say gold and silver prices will remain volatile. Global tensions, dollar movement, and economic reports will guide prices in the coming days.