Gold Hits Seven-Week High on Safe-Haven Demand

The white metal touched an intraday high of Rs 2,28,397 per kg, an increase of 0.35 per cent or Rs 813 compared to the previous close of Rs 2,27,584. At the last count, it was trading at Rs 2,26,580, a decrease of 0.44 per cent or Rs 1,004.

In the international market too, COMEX gold was trading 0.36 per cent higher at $4,320 per ounce. COMEX silver was at $62.36 per ounce, up 0.12 per cent.

However, the rally came despite reports claiming that the Strait of Hormuz could reopen and comments by US President Donald Trump indicating that Washington was seeking to reach an agreement with Iran.

According to market experts, expectations that easing tensions in the region could lead to lower crude oil prices have reduced concerns over inflation and near-term US monetary tightening, putting pressure on US Treasury yields.

For MCX gold, immediate resistance is at Rs 1,50,000-1,50,700 and a break above targets next resistance at Rs 1,52,200-1,52,800, the experts said, adding that immediate support is at Rs 1,48,600-1,48,000 with next support at Rs 1,46,600-1,46,000.

"Price has decisively broken above all key EMAs (20/50/100/200), confirming a strong shift in near-term momentum after weeks of consolidation. Bias stays positive above Rs 1,49,000, with a hold needed to extend gains toward Rs 1,50,000; a slip below Rs 1,49,000 would signal exhaustion after the sharp run-up, they added.

For silver, the analysts said that a sustained move above Rs 2,29,000 and a break above targets next resistance at Rs 2,31,500-2,32,500.

Immediate support is at Rs 2,25,000-2,24,000, previously resistance now acting as support, with next support at Rs 2,22,000-2,21,000, according to them.

Price is holding above its 20-EMA and 200-EMA, with RSI at 54, edging upward, reflecting improving momentum, though a decisive close above the 50-EMA is needed to confirm renewed strength, the experts said, adding that bias stays cautiously constructive above Rs 2,28,000, with a break above Rs 2,30,000 opening the path toward higher levels; a slip below Rs 2,27,000 risks a pullback toward Rs 2,25,000.

Additionally, Brent crude -- the international oil benchmark -- slipped 0.51 per cent to trade below $80 per barrel. Similarly, US West Texas Intermediate (WTI) crude slumped nearly 1 per cent to below $75.