MCX gold prices opened higher today with a gap-up at ₹1,53,550 per 10 gm and climbed to an intraday peak of ₹1,53,944 per 10 gm, marking an early morning gain of around 2.50% on Wednesday.(REUTERS)AI Quick ReadGold, silver rates today: Gold and silver prices saw a significant rally on Wednesday, April 8, following a crash in global oil prices after the de-escalation of the US-Iran war.
MCX gold prices opened higher today with a gap-up at ₹1,53,550 per 10 gm and climbed to an intraday peak of ₹1,53,944 per 10 gm, marking an early morning gain of around 2.50% on Wednesday.
At the same time, MCX silver surged sharply, rising 6% or more than ₹13,000 to reach ₹2,44,770 per kg during the April 8 trading session.
On the international front, gold prices surged to nearly a three-week high. Spot gold prices rose around 2.3% to $4,812 per ounce, after climbing over 3% earlier in the session, while US gold futures increased 3.4% to $4,841 an ounce. Spot silver also attracted robust demand, rallying close to 7% to about $76 per ounce on Wednesday.
Trump said the US had agreed to suspend military strikes for two weeks and had received a 10-point proposal from Iran, describing it as a viable basis for negotiations.
His comments followed earlier warnings that Tehran must reopen the Strait of Hormuz or risk possible US retaliation.
In a social media post, Trump said he chose to halt the bombing campaign less than two hours before a self-imposed deadline to destroy Iran’s “entire civilisation,” adding that reopening the Strait of Hormuz was a key condition for the pause. Iran responded by assuring safe passage through the strait during the two weeks.
Oil prices fell below $100 a barrel, while a weaker dollar supported gold, which is priced in the US currency.
Pakistan, serving as a mediator between Washington and Tehran, had requested the two-week pause to allow diplomatic efforts to progress.
Iran’s Supreme Security Council was quoted as saying by Reuters that the US would begin on Friday, April 10, in Islamabad after submitting its proposal via Pakistan, while stressing that the negotiations did not signal an end to the conflict.
Anindya Banerjee, Head of Commodity and Currency Research, Kotak Securities, believes that in strong uptrends and risk-on environments, silver tends to outperform gold because it carries a dual character—as both an industrial metal and a monetary asset.
“As growth expectations improve, industrial demand for silver rises, while its higher beta and volatility attract stronger speculative and liquidity-driven flows compared to gold, which is more of a stability-focused store of value,” Banerjee said.
As a result, during bullish or reflationary phases, silver typically leads the rally, whereas in risk-off conditions, gold regains its relative strength, he added.
Meanwhile, on the technical outlook of the gold prices, Ponmudi R, CEO of Enrich Money, said that MCX Gold opened with a sharp gap-up, supported by safe-haven demand, and is currently trading in the ₹1,53,000– ₹1,55,000 resistance band.
“Buying interest at lower levels indicates strengthening momentum. A sustained move above ₹1,55,000 could revive momentum toward ₹1,58,000– ₹1,60,000.On the downside, a decisive break below ₹1,52,000 could extend the decline toward ₹1,50,000 and further toward ₹1,48,000,” he said.
On the silver prices outlook, Ponmudi added that MCX Silver opened with a sharp gap-up, supported by safe-haven demand and strength in industrial metals.
“Prices are currently hovering around ₹2,42,000– ₹2,45,000, with elevated volatility and improving participation. Resistance is placed at ₹2,45,000, and a breakout could push prices toward ₹2,47,000– ₹2,50,000. On the downside, a decisive break below ₹2,40,000 may accelerate selling toward the ₹2,36,000– ₹2,34,000 range. The overall bias remains positive,” said Ponmudi.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Vaamanaa covers business and stock market news. Started in 2020, she has been producing news on digital platforms for over 4.5 years now. She writes on markets, commodities, IPOs, and industry. She has worked for news channels like Jagran New Media and Business Insider India. You can reach out to her at vaamanaa.sethi@htdigital.in.