New Delhi, May 9: Gold prices surged 1.83 per cent this week, driven by persistent geopolitical tensions in the Strait of Hormuz and volatility in global crude markets.

On Friday, MCX gold June futures gained 0.04 per cent, while MCX silver May futures rose 1.34 per cent. Gold futures currently stand at ₹1,52,589 per 10 grams, while silver futures are priced at ₹2,61,999 per kg. According to the India Bullion and Jewellers Association (IBJA), the price of 10 grams of 24‑carat gold climbed to ₹1,51,078 on Friday, up from ₹1,48,357 at Monday’s opening.

Precious metals extended gains for four consecutive sessions, supported by optimism over a potential US‑Iran peace agreement and a softer US dollar. This momentum outweighed the impact of stronger‑than‑expected US jobs data, which showed employment rising more than forecast in April while the unemployment rate held steady at 4.3 per cent. Analysts noted that the resilience of the US labour market reinforced expectations that the Federal Reserve may keep interest rates higher for longer, a factor that typically pressures non‑yielding assets like gold.

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In international markets, Comex gold climbed nearly $50 to a session high of $4,760 per troy ounce, posting a weekly gain of about 1.5 per cent. Market participants said easing regional tensions and a weaker dollar supported demand for bullion. However, gold and silver remain down nearly 10 per cent since the US‑Iran conflict began on February 28.

Despite the rally, analysts cautioned that precious metals are entering a phase of technical consolidation following sharp swings in recent weeks. Immediate resistance for MCX gold is pegged at ₹1,54,000–₹1,55,500, while support lies near ₹1,50,000–₹1,48,000. For silver, resistance is seen around ₹2,65,000, with support at ₹2,60,000–₹2,58,000.

West Asian tensions flared earlier this Week after US and Iranian forces exchanged attacks near the Strait of Hormuz, though officials confirmed that a ceasefire remained in place. Analysts said the broader safe‑haven appeal of gold remains intact, even as risk sentiment shows tentative signs of improvement.