Gold and silver prices were trading higher on Friday, 27 March, as both precious metals attempted to recover from the previous day’s sell-off after US President Donald Trump delayed a threatened strike on Iran’s energy infrastructure and extended his deadline for Tehran to reopen the Strait of Hormuz until 6 April, providing some relief to safe-haven buyers.
May silver futures on COMEX rebounded, gaining $2.50 to reach an intraday high of $74 per troy ounce, but remained on track to extend their weekly losing streak to four. April gold futures surged $93 to hit an intraday high of $4,601 per troy ounce, partially recovering from Thursday’s $176 crash.
Despite today’s recovery, the yellow metal is still down 3.13% so far this week, positioning it to record a fourth consecutive weekly loss. Precious metals have remained highly volatile throughout the week, as traders continue to navigate a barrage of headlines around potential ceasefire talks between the US and Iran.
Trump said on Thursday that he would delay a threatened strike on Iran’s energy infrastructure and extend his deadline for Tehran to reopen the Strait of Hormuz until 6 April, adding that talks to end the war are “going very well.”
The move marks a pullback from Trump’s earlier warning that the US would target Iran’s energy plants if the crucial shipping lane remained closed. Iran has threatened to retaliate against regional infrastructure, including desalination facilities, if the US follows through.
A day after Tehran dismissed Trump’s 15-point ceasefire plan, the president said Iran was “begging to make a deal” and urged its leaders to “get serious soon” about negotiations, which triggered a massive sell-off in US equities in the previous session.
The ongoing conflict has increasingly centred around the Strait of Hormuz — the narrow gateway for global energy shipments. Iran has effectively shut the critical passage through which nearly one-fifth of the world’s oil supply flows.
Meanwhile, missile strikes in West Asia have continued, with Israel reportedly warning on Friday that it will expand its attacks on Iran as Tehran continues firing missiles at Israel and Gulf Arab nations.
The Islamic Revolutionary Guard Corps (IRGC) executed the 83rd wave of Operation ‘True Promise IV’ in the early hours of Friday, striking key American and Israeli military installations across the region with missiles and drones, according to the Fars news agency.
MCX gold jumps ₹3,400 per 10g; silver reclaims ₹2.27 lakh per kg
In the domestic market, April gold futures on MCX jumped ₹3,400 per 10 grams to hit an intraday high of ₹1,42,939. If prices hold around these levels through the close, it would mark the biggest single-day gain since early March.
The ₹15,599 from the week’s low”>bullion has recovered sharply by ₹15,599 from the week’s low, yet it is still down 1.20% so far this week.
Silver prices on MCX surged by ₹8,027 per kilogram to reach an intraday high of ₹2,27,907.
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