Precious metals regain momentum on MCX, check key movements and highlights

After witnessing a few sessions of volatility, both gold and silver prices are once again shining bright in the bullion market intraday. Both the precious metals are showing upward movement on the Multi Commodity Exchange (MCX) as investors appear to regain confidence in safe-haven assets amid global uncertainties.

On the MCX, gold is currently trading at Rs 1,21,550 per 10 grams with a gain of 1.49 per cent. The gold prices have been rising since this morning around 9:03 a.m., the yellow metal was running around Rs 1,19,936, and then took a small surge in the afternoon. Now, it is running with a total surge of around Rs 1,700, suggesting that the yellow metal is repositioning its value again after recent dips.

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Although the current price is still Rs 10,800 below its all-time high of Rs 1,32,294, the upward movement signals that gold may be gearing up for a stronger comeback.

Yesterday, the prices were almost in the same range, with gold recording a low of Rs 1,17,628 and touching an intraday high of Rs 1,20,106, reflecting continued fluctuations within a narrow band.

The upward momentum shows that gold has started glittering again, but the market sentiment remains divided- is this a short-term dip recovery or a sign of an upcoming bullish phase? Traders and investors are closely monitoring the trend before making fresh entries.

In the international market, the yellow metal is trading around $4,025.91, with a rise of 1.47 per cent. Over the last 30 days, gold has witnessed a 3.16 per cent surge, indicating that the global market is also responding positively to safe-haven buying.

Manoj Kumar Jain, a market analyst, said, “Gold and silver recovered from 3-week lows in a highly volatile session ahead of the FOMC meeting outcome. The trend remains volatile.” He advised the traders to avoid short selling at current levels, suggesting that long-term investors should hold their positions, as volatility is likely to continue amid the Fed meeting outcome, dollar movement, and US-China trade discussions.

The white metal too has seen an upward momentum today, following the positive trend in gold. Silver witnessed a small but steady rise in prices intraday. On the MCX, in the morning session, silver was trading around Rs 1,45,320 per kilogram and gradually gained momentum through the day, reaching Rs 1,47,442 per kilogram by evening.

This indicates that the white metal has surged by Rs 2,122, running with a rise of 2.08 per cent for the day. The consistent recovery suggests renewed buying interest among traders in the precious metals segment.

Compared to yesterday, the prices have shown a small yet notable rise. In the international market, silver is trading at $48.22 per troy ounce, up 2.16 per cent.

Over the past 30 days, silver has shown a total surge of around 1.54 per cent, reflecting that the metal is slowly regaining lost ground. However, analysts caution that volatility in global markets continues, and short-term dips and surges are still unpredictable.

Both gold and silver continue to glitter in the commodity market, watchers are watching whether this renewed momentum marks the beginning of a sustainable rally or just a temporary sparkle before cooling.