A weak US dollar index and hope for de-escalation drove gold prices higher on Wednesday | Photo Credit: AI generated

Gold and silver surged sharply on Wednesday as the possibility of fresh US-Iran talks lifted risk sentiment globally, weakening the dollar and pushing investors into bullion. MCX Gold climbed 5.14 per cent to ₹1,54,817, while MCX Silver posted an even steeper gain of 10.88 per cent to ₹2,52,750 — one of its strongest single-session moves in recent weeks. On the international front, Comex gold traded near $4,840 and silver held above $79.50 per ounce.

Weak US dollar index and hope for de-escalation ”drove gold prices higher on the day, with the short-term price regime assessed as bullish and the trend score at 3”, according to Axis Direct Commodities Daily Insights, 15 April 2026

The primary catalyst was the signalling of a potential fresh round of US-Iran negotiations, which eased supply-disruption fears and triggered a broad risk-on rally. Prime Minister Modi spoke with President Trump to discuss the Iran situation and the Strait of Hormuz, further supporting the sentiment shift. The DXY dollar index fell to 98.16, and US treasury yields softened — the 2-year yield dropped 10 basis points to 3.74 per cent and the 10-year fell 10 bps to 4.25 per cent — conditions that historically benefit non-yielding assets such as gold and silver.

Gaurav Garg, Lemonn Markets Desk said, “MCX Gold is trading within the ₹1,54,500–₹1,55,000 range with emerging buying interest at lower levels. A sustained move above ₹1,55,000 could revive momentum toward ₹1,57,000–₹1,58,000.”

On the technical side, MCX Gold’s pivot is placed at ₹1,54,152 with resistances at ₹1,55,605, ₹1,56,392, and ₹1,57,845. The metal is trading near its 50-day moving average, with OTM call options on Comex increasing more than puts — a sign of rising upside expectations. MCX Silver, meanwhile, is holding above ₹2,53,000 with resistance seen at ₹2,60,000–₹2,63,000; the trend score for silver stands at 2, or mildly bullish, reflecting its neutral short-term regime even as momentum builds.

Crude oil moved in the opposite direction: MCX Crude fell 11.26 per cent to ₹8,337 per barrel as supply-disruption concerns faded on expectations of diplomacy. Brent eased to around $95.35, down nearly 8 per cent from Monday’s levels, and the technical trend score for crude is rated at -3, or bearish. Copper was an outlier on the upside, rising 10.32 per cent on MCX to ₹1,269.1, driven by strong Chinese demand and a weaker dollar. On the currency front, the rupee remained under pressure, trading near ₹93.38 against the dollar with a weakening bias, despite broader dollar softness across major peers.

India’s CPI inflation for March came in at 3.4 per cent year-on-year, slightly above February’s 3.2 per cent, adding a domestic macro dimension to the market backdrop. The 10-year Indian government bond yield held at 6.94 per cent, while GIFT Nifty signalled a 1.5 per cent higher open for equities — suggesting that the risk recovery was broad-based heading into Thursday’s session.

Published on April 15, 2026