Gold prices climbed to fresh all-time highs on Friday, supported by escalating geopolitical tensions, renewed concerns over the independence of the US Federal Reserve and sustained weakness in the US dollar. The combination has fuelled strong safe-haven demand, pushing investors away from sovereign bonds and major currencies towards precious metals.
In India, gold prices remained firm through the session. Around 4:00 pm, MCX gold was trading near Rs 1,56,521, up about 0.12% on the day, as buying interest stayed strong amid global uncertainty.
Analysts point to heightened geopolitical risks linked to Venezuela, Iran and Greenland, along with rising debt concerns and political pressure on the US central bank, as key drivers behind the rally. These factors have triggered what market participants describe as the “debasement trade”, where investors seek protection in assets like gold and silver as confidence in fiat currencies weakens.
Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, said gold continues to trade with strong bullish momentum. He noted that prices touched fresh all-time highs after a sharp late-evening recovery and highlighted ongoing geopolitical uncertainty and tariff-related risks as major support factors.
According to Trivedi, gold has found strong support near Rs 1,50,000 on MCX. While a sustained break below this level could lead to short-term profit booking, holding above it keeps the broader uptrend intact. He expects prices to potentially extend towards Rs 1,65,000 in the coming sessions if momentum remains strong.
Ponmudi R, CEO of Enrich Money, also highlighted bullish technical indicators supporting the rally. He said global gold prices are holding comfortably above key moving averages and within a rising channel, signalling strong underlying demand. Earlier resistance levels around $4,900–$4,940 have now turned into support, reinforcing the positive trend.
Ponmudi added that a decisive breakout above the psychological $5,000 level could open the door for further upside towards $5,100–$5,150 globally. On MCX, he said the Rs 1,57,000–Rs 1,58,000 range is acting as a dynamic support zone, with any dips quickly attracting buyers. A sustained move above Rs 1,59,000–Rs 1,60,500 could accelerate gains towards Rs 1,63,000–Rs 1,65,000.
Overall, analysts remain bullish on gold, citing persistent geopolitical risks, central bank buying, accommodative global liquidity conditions and strong safe-haven demand. However, investors are advised to avoid chasing prices at record highs, focus on long-term portfolio goals and closely monitor key technical support levels.
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