Daijiworld Media Network - Mumbai

Mumbai, Apr 8: Gold and silver prices witnessed a sharp surge on Wednesday, catching investors off guard even as global tensions eased following a temporary ceasefire between the United States and Iran.

On the Multi Commodity Exchange (MCX), gold was trading at Rs 1,54,300 around 11:15 am, up by over Rs 4,000, while silver jumped nearly Rs 13,652 to Rs 2,45,000.

Interestingly, the rally in precious metals came even as stock markets moved higher and crude oil prices declined, indicating that investors continue to prefer safe-haven assets amid lingering uncertainty.

Experts say gold remains supported by its traditional role as a hedge during uncertain times. Aksha Kamboj of the India Bullion and Jewellers Association noted that even though the ceasefire signals easing tensions, it has reinforced investor interest in safer investments.

Silver, meanwhile, has gained due to a mix of investor sentiment and steady industrial demand, though analysts caution that it tends to be more volatile than gold.

According to Ponmudi R, gold is currently trading in the Rs 1,53,000–Rs 1,55,000 range, with a potential upside towards Rs 1,58,000–Rs 1,60,000 if it breaks above key levels. On the downside, a fall below Rs 1,52,000 could trigger corrections.

Silver is hovering between Rs 2,42,000 and Rs 2,45,000, with a breakout above Rs 2,45,000 possibly pushing it towards Rs 2,50,000, while a dip below Rs 2,40,000 may lead to a pullback.

Market experts are advising investors to remain cautious. A staggered investment approach is recommended for gold, while for silver, buying during dips rather than chasing rallies may be a safer strategy.

Despite the current upward trend, analysts warn that price movements may remain volatile in the short term, urging investors to stay patient and avoid panic buying.