Value Buying Lifts Gold, but Bearish Outlook Persists Amid Geopolitical Risks

Authored By HDFC SKY | Last Modified: Mar 20, 2026 05:48 PM IST

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A value-buying wave helped gold recoup some ground after a volatile week, but the overall outlook for bullion remains clouded by geopolitical strife. The weaker rupee and elevated crude oil prices are continuing to sap the appeal of non-yielding assets. In contrast, silver remains tethered to the downside, pressured by a broader retreat in base metals. The precious metal complex continues to face stiff headwinds from the ongoing U.S.-Israel-Iran conflict, which has moved capital into the haven dollar and crude oil. Bearish chart patterns suggest the relief rally may be short-lived. For the MCX Gold April future support is placed at Rs 1,41,000 with a recovery ceiling at Rs 1,52,700 per 10 grams.

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