India, Mar 20 : Gold prices witnessed a sharp upswing on Friday, rising by ₹1,914 to reach ₹1.46 lakh per 10 grams in futures trade, supported by improving global sentiment and easing geopolitical tensions in West Asia.
On the Multi Commodity Exchange (MCX), gold contracts for April delivery climbed 1.32 per cent to ₹1,46,868 per 10 grams, tracking positive international trends. The rebound comes after a phase of volatility driven by geopolitical uncertainty and inflation concerns.
Market analysts attributed the recovery to signs of de-escalation in the Middle East, which have helped stabilise investor sentiment. Indications of reduced risks to critical energy infrastructure and potential easing of restrictions on Iranian oil exports have lowered the immediate risk premium in commodity markets.
In the international market, gold futures on COMEX rose by $62.2, or 1.35 per cent, to $4,667.9 per ounce. Despite the day’s gains, bullion remains under pressure on a weekly basis due to persistent inflation worries and expectations of prolonged higher interest rates.
Experts noted that signals of restraint in the region have reduced safe-haven demand for gold, limiting the upside. At the same time, a firm US dollar and elevated bond yields continue to act as headwinds for the precious metal.
Looking ahead, gold is expected to trade within a broad range, with support seen near $4,550 per ounce and resistance around $4,800. In the domestic market, this translates to a likely band of ₹1.43 lakh to ₹1.50 lakh per 10 grams in the near term, as investors await clearer directional cues.