Key Points
- MCX silver May futures gained 1.87 percent to Rs 267100 per kg
- Spot silver edged to 82.26 dollars per ounce in international markets
- Dollar index eased 0.29 percent making bullion cheaper for holders
New Delhi, March 6. 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 Rs 1,60,700 per 10 grams on an intra-day basis. Meanwhile MCX silver May futures gained 1.87 per cent to Rs 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.
MCX Gold and Silver Futures Rally
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.
Investors Await US Jobs Report
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 Rs 1,58,000 and Rs 1,56,600 per 10 gram while resistance at Rs 1,61,100 and Rs 1,62,800. MCX silver has support at Rs 2,57,700 and Rs 2,52,000 per kg and resistance is at Rs 2,66,000 and Rs 2,71,000," an analyst said.
—IANS
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