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by IANS |
Mumbai, Feb 13 (IANS) Gold and silver prices surged on Friday as investors took to value buying after prices moderated due to huge declines in the previous session.
MCX gold April futures gained 1.08 per cent to Rs 1,54,480 per 10 grams on an intra-day basis. Meanwhile, MCX silver March futures added 2.59 per cent to Rs 2,42,564 per kg.
"Gold has recovered post the January end collapse and is well on its way to what we believe should be $6,000 per ounce levels by CY26 end," said Sandip Raichura, CEO of Retail Broking and Distribution and Director, PL Capital.
Though US President Donald Trump approved a trade deal with India and hinted at a potential one with Brazil reducing the trade related uncertainties, higher inflation and emerging split between the Northwest and the rest of the world sustain reserve bank buying of gold, the analyst said.
"Gold has support at Rs 1,54,000 per 10 grams while silver on MCX has support at Rs 2,42,000 per kg," a market participant said.
The broader uptrend remains intact, and the recent pullback appears to be healthy profit booking rather than structural weakness, market watchers said.
COMEX Gold is trading near the $4,850–$5,100 zone after a sharp correction from recent highs above $5,500–$5,600. The broader uptrend remains intact, with the recent pullback reflecting profit booking and healthy price digestion, analysts said.
Meanwhile, COMEX Silver is currently trading near the $73–$847 zone after a sharp correction from record highs above $121.
The dollar index surged to 97 on Friday, up 0.03 per cent from 96.93 in the previous session.
Investors remain keen on US inflation data due later on Friday for more monetary policy cues on the US Fed's interest rate trajectory.
Analysts said that structural supply deficits and steady industrial demand continue to underpin the bullish bias in silver while persistent safe-haven demand and steady central-bank accumulation could cause a bull run in gold for over 3 years.
—IANS
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