Gold holds steady amid easing US-Iran tensions; silver gains on MCX

MUMBAI — Gold prices remained largely steady on Wednesday as improving prospects of easing geopolitical tensions between the United States and Iran kept investor sentiment in check.

During early trade, MCX gold May futures were marginally higher by 0.02 per cent at INR 1,53,305 per 10 grams.

Commenting on gold technical outlook, experts said that a sustained move above INR 1,55,000 could revive momentum toward INR 1,57,000-INR 1,58,000.

“On the downside, a break below INR 1,54,000 may lead to a corrective move toward INR 1,52,000 and further to INR 1,50,000,” an analyst stated.

Silver prices, however, saw stronger buying interest, with MCX silver May futures rising 0.83 per cent to INR 2,54,842 per kg.

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“Resistance is placed at INR 2,60,000–INR 2,63,000, with further upside toward INR 2,68,000–INR 2,70,000,” a market expert said.

“A sustained move above these levels could strengthen momentum and support further gains. On the downside, a break below INR 2,48,000 may lead to a corrective move toward the INR 2,44,000–INR 2,40,000 range,” as per an analyst.

In the previous session, gold had ended flat at INR 1,53,216 per 10 grams, while silver futures slipped 0.1 per cent to INR 2,25,499 per kg.

Globally, the yellow metal held on to its recent gains amid optimism that Washington and Tehran could move towards a negotiated settlement to the conflict that began on February 28.

The easing of tensions has reduced fears of a sharp energy-supply shock, which had earlier raised concerns about inflationary pressures.

Spot gold hovered near $4,850 an ounce after rising as much as 0.6 per cent during the session. The metal had surged over 2 per cent in the previous trading session on expectations that the US and Iran may soon hold a second round of ceasefire talks.