Whalesbook
Geopolitical Drivers
Persistent concerns over geopolitical flashpoints and trade disruptions have anchored bullion prices firmly. Global markets remain on edge due to ongoing tariff tensions and political risks, compelling investors toward traditional safe havens like gold and silver. This flight to safety contrasts with uneven movements in other risk assets.
Analyst Outlook
Ponmudi R, CEO of Enrich Money, described MCX gold's performance as a reflection of global strength, supported by a steady USD/INR. He highlighted an intact rising channel structure and dynamic support around the Rs 1,43,000 to Rs 1,45,000 mark. "Every dip is attracting aggressive buying," Ponmudi stated, expressing a strongly bullish bias. He projects that a sustained break above Rs 1,45,000-Rs 1,45,500 could propel gold towards Rs 1,48,000 to Rs 1,50,000.
Silver's Surge
Silver has mirrored gold's upward trajectory, climbing sharply and holding comfortably above Rs 3.15 lakh per kilogram. Traders attribute this strength to robust investment demand and positive industrial outlooks. Ponmudi noted silver's "high-beta behaviour" with a steep rising channel and strong support from the 20-day exponential moving average near Rs 2,95,000. He forecasts near-term targets of Rs 3,20,000 to Rs 3,25,000, with potential for an extended move to Rs 3,35,000 to Rs 3,50,000, advising buys on dips to Rs 3,05,000-Rs 3,08,000.
Physical Market Response
The uptrend extended to physical markets, with gold fetching around Rs 1.47 lakh per 10 grams and silver holding above Rs 3.15 lakh per kilo across major cities. Retailers report that consumer interest remains robust, with buyers demonstrating a willingness to adapt to the higher price levels. This suggests underlying demand is not significantly deterred by the recent price surge.
Future Trajectory
Market participants anticipate the next leg of the rally will be heavily influenced by the evolution of global risk sentiment. Any escalation in geopolitical tensions or deterioration in economic data could further fuel demand for safe-haven assets. Conversely, a period of global calm might trigger some profit-taking following the aggressive run-up. However, the immediate trend favors upward momentum, with buyers active on dips.