New Delhi, May 9 (IANS) Gold prices rose 1.83 per cent during the week over persistent geopolitical uncertainty and volatile crude prices.

On Friday, MCX gold June futures gained 0.04 per cent while MCX silver May futures surged 1.34 per cent. Currently gold futures stand at Rs 1,52,589, while silver futures at Rs 2,61,999 per kg.

The price of 10 grams of 24-carat gold was at Rs 1,51,078 on Friday up from Rs 1,48,357 seen on Monday market opening, according to data published by the India Bullion and Jewellers Association (IBJA).

Precious metals continued to rise for four consecutive sessions as optimism over a potential US‑Iran peace agreement and a softer US dollar outweighed a stronger‑than‑expected US jobs report.

US jobs data showed that employment rose more than forecast in April while the unemployment rate held at 4.3 per cent, underscoring resilience in the labour market and reinforcing expectations that the Federal Reserve may keep interest rates higher for longer.

Central banks maintaining interest rates higher for longer, could pressure non-yielding assets like gold.

In international markets, Comex gold climbed about $50 to a session high of $4,760 per troy ounce, posting a weekly gain near 1.5 per cent. Market participants said the prospect of easing regional tensions and a weaker dollar supported demand for non‑yielding bullion.

Gold and silver have fallen nearly 10 per cent since the US-Iran conflict began on February 28.

The broader safe-haven structure remains intact, though the pace of the rally has moderated as the dollar steadies and broader risk sentiment shows tentative signs of improvement, market participants said.

Despite commodities flow disruption in the Strait of Hormuz dominating the macro narrative, markets are also entering a phase of technical consolidation following the sharp swings witnessed in recent weeks, analysts said.

Precious metals are witnessing mixed price action, with gold and silver attempting to stabilise after recent corrective pressure.

West Asian tensions were rekindled on Thursday after US and Iranian forces exchanged attacks near the strait, though US officials said the ceasefire remained in place.

Immediate resistance for MCX Gold is placed at Rs 1,54,000–Rs 1,55,500, and immediate support is seen near Rs 1,50,000–Rs 1,48,000, analysts said.

For MCX Silver, the Rs 2,65,000 zone acts as immediate resistance, and the Rs 2,60,000–Rs 2,58,000 zone now serves as immediate support, they added.

—IANS

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