Gold and silver extended their record-setting run on Tuesday, with both metals touching fresh highs on the Multi Commodity Exchange as investors continued to seek safety amid global uncertainty.
Persistent concerns around geopolitical flashpoints and trade disruptions have kept bullion firmly supported in recent sessions.
Gold traded close to Rs 1.48 lakh per 10 grams on MCX, tracking firm global cues. The broader market remains cautious as tariff tensions and political risks continue to weigh on sentiment. This has pushed buyers toward traditional safe-haven assets while other risk assets see uneven movement.
Ponmudi R, CEO of Enrich Money, says MCX gold is reflecting global strength with USD/INR holding steady near 90.90 to 91.00. He points out that the rising channel structure is intact and the Rs 1,43,000 to 1,45,000 zone is acting as reliable dynamic support.
According to him, every dip is attracting aggressive buying. A sustained breakout above Rs 1,45,000 to 1,45,500 can open the way towards Rs 1,48,000 to 1,50,000. He maintains a strongly bullish bias for the metal.
SILVER CONTINUES TO OUTPERFORM
Silver continued its sharp upward movement and held well above Rs 3.15 lakh per kilogram through the session. Traders attribute the strength to firm investment demand and encouraging industrial cues. The trend structure remains strong on technical charts.
Ponmudi says silver has delivered a clean breakout and continues to display high-beta behaviour. The rising channel remains very steep, and the 20-day EMA near Rs 2,95,000 is providing strong support. He believes the trend stays extremely bullish as long as prices remain above Rs 3,10,000.
His next upside targets sit at Rs 3,20,000 to 3,25,000 in the near term, with an extended move possible towards Rs 3,35,000 to 3,50,000. Dips towards Rs 3,05,000 to 3,08,000, he adds, should be viewed as buying opportunities.
RETAIL DEMAND HOLDS UP DESPITE HIGHER PRICES
Physical market rates also firmed up across major cities. Gold was quoted at around Rs 1.47 lakh per 10 grams and silver stayed comfortably above Rs 3.15 lakh per kilo. Retailers say consumer interest has not fallen sharply and buyers appear to be adjusting to higher price levels.
Market participants say the next phase of the rally will depend on how global risk sentiment evolves. Any escalation in geopolitical tensions or weakness in economic data could further strengthen safe-haven demand. A calmer backdrop may encourage some profit booking after the sharp run-up.
For now, the broader trend remains upward, with both gold and silver attracting buyers on every meaningful dip.
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