Gold hits seven-week high as safe-haven demand offsets hopes of US-Iran deal
3 min read
On Thursday, gold rose to its highest level in seven weeks, driven by falling U.S. Treasury yields that increased safe‑haven appeal, even though hopes of a U.S.–Iran deal that could ease tensions in West Asia lingered.
Key Takeaways
- Gold hit a seven-week high as falling US Treasury yields boosted safe-haven demand.
- October gold futures opened 0.36% higher at Rs 1,49,029 per 10 grams, later peaking at Rs 1,49,700.
- September silver futures rose to an intraday high of Rs 2,28,397 per kg before slipping back.
- COMEX gold gained 0.36% to $4,320 per ounce despite lingering hopes for a US-Iran deal.
On the MCX, October gold futures opened 0.36% higher, up ₹536 to ₹1,49,029 per 10 grams, and later hit an intraday peak of ₹1,49,700 — a gain of 0.81% (₹1,207) by 12:10 p.m.
Meanwhile, September silver futures showed early buying interest.
Silver rose to an intraday high of ₹2,28,397 per kilogram, up 0.35% (₹813) from the prior close of ₹2,27,584, but later slipped to ₹2,26,580, down 0.44% (₹1,004).
Internationally, COMEX gold gained 0.36% to trade at $4,320 per ounce, while COMEX silver rose 0.12% to $62.36 per ounce.
The advance occurred even as reports suggested the Strait of Hormuz might reopen and President Donald Trump said the U.S. was working toward an Iran agreement.
Analysts noted that anticipation of reduced regional tensions — which could lower crude prices — has eased inflation worries and lessened expectations of imminent U.S. monetary tightening, exerting downward pressure on U.S. Treasury yields.
Experts said MCX gold faces immediate resistance between ₹1,50,000 and ₹1,50,700; a break above could push it toward the next resistance zone of ₹1,52,200‑₹1,52,800. Immediate support lies in the ₹1,48,600‑₹1,48,000 range, with further support at ₹1,46,600‑₹1,46,000.
“The price has cleanly surpassed the key 20‑, 50‑, 100‑ and 200‑day EMAs, signalling a strong near‑term momentum shift after a period of consolidation. The bias remains bullish above ₹1,49,000; holding above that level is needed to extend gains toward ₹1,50,000, while a dip below ₹1,49,000 would suggest exhaustion after the recent rally,” they added.
Analysts said silver needs to stay above ₹2,29,000, with a breakout targeting the next resistance band of ₹2,31,500‑₹2,32,500.
Immediate support is seen in the ₹2,25,000‑₹2,24,000 zone — formerly a resistance level now turned support — with further support at ₹2,22,000‑₹2,21,000.
Silver is trading above its 20‑day and 200‑day EMAs, with the RSI at 54 and edging up, indicating improving momentum. However, a clear close above the 50‑day EMA is required to confirm renewed strength. Experts said the bias remains cautiously constructive above ₹2,28,000; a break above ₹2,30,000 would open the way to higher levels, while a fall below ₹2,27,000 could trigger a pullback toward ₹2,25,000.
Furthermore, Brent crude, the global oil benchmark, slipped 0.51% to trade under $80 a barrel, while U.S. West Texas Intermediate (WTI) crude fell almost 1% to below $75.
