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Gold and silver rose in Friday's futures trade. April gold increased ₹1,914 to ₹1.46 lakh per 10g on MCX, and May silver jumped ₹8,540 to ₹2.40 lakh/kg. Analysts cite easing geopolitical concerns and possible US sanctions relief on Iranian oil.
By Anshul March 20, 2026, 2:42:29 PM IST (Published)
2 Min Read
Silver and gold staged a notable recovery in Friday’s (March 20's) futures trade, following recent sharp declines driven by global uncertainties and rising energy costs.
On the Multi Commodity Exchange (MCX), gold for April delivery surged by ₹1,914, or 1.32%, to ₹1.46 lakh per 10 grams. Meanwhile, silver for May delivery jumped ₹8,540, or nearly 4%, to ₹2.40 lakh per kilogram, ending a seven-day losing streak after a steep plunge earlier in the week.
Analysts attribute the rebound to easing geopolitical concerns in West Asia, coupled with investors reassessing positions after volatile price swings.
“Signals from Israel and the US suggesting restraint on further strikes targeting Iranian energy assets have helped stabilise market sentiment,” said Renisha Chainani, Head of Research at Augmont.
She added that potential easing of US sanctions on Iranian oil may boost global supply, reducing the immediate risk premium for precious metals.
Globally, gold futures for April on the Comex in New York rose $62.2, or 1.35%, to $4,667.9 per ounce. Silver futures for May gained $2.43, or 3.42%, to $73.65 per ounce, snapping a seven-day losing streak.
Despite the rebound, both metals remain under pressure for weekly losses as market participants weigh rising oil prices and central bank policies.
“The ongoing US-Israel-Iran tensions have lifted inflation expectations, while the US Federal Reserve’s decision to maintain rates at 3.50%-3.75% signals a longer-for-longer rate environment,” said Manav Modi, Commodities Analyst at Motilal Oswal Financial Services.
A strong US dollar and elevated Treasury yields continue to temper safe-haven demand for bullion, even as geopolitical risks persist.
Rising energy costs have also influenced silver, with oil surging above USD 119 per barrel globally. This has prompted investors to move towards the US dollar and bonds, reducing immediate appeal for precious metals.
“Central banks globally, including the ECB, BoJ, and BoE, have kept rates steady but indicated hawkish tones, further limiting upside for gold and silver,” noted Jigar Trivedi, Senior Research Analyst at IndusInd Securities.
Looking ahead, gold is likely to consolidate in the $4,550–4,800 per ounce range, translating to ₹1.43–1.50 lakh per 10 grams domestically. Silver is expected to stabilise above $73 per ounce, though weekly declines may continue until global inflation and monetary policy clarity emerges.
-With agencies inputs
