DBT Bureau
Pune, 9 April 2026
Commodities witnessed sharp volatility, with gold and silver gaining on improved sentiment and central bank demand, while crude oil prices tumbled amid easing geopolitical tensions and reduced supply concerns according to Kedia Advisoy latest report.
Gold prices rose by 0.99% to settle at ₹1,51,776, as markets reassessed geopolitical risks after U.S. President Donald Trump signaled a temporary de-escalation by agreeing to pause military action against Iran for two weeks. The move eased immediate tensions and opened the door for negotiations, providing support to bullion. At the same time, concerns over inflation remain elevated due to rising energy prices. Estimates suggest that prolonged disruptions in oil supply could push U.S. inflation above 4%, complicating the Federal Reserve’s policy outlook. Strong U.S. economic data, including solid job growth and a lower unemployment rate, has further reduced expectations of any rate cuts this year, which could limit upside in gold. On the demand side, physical buying has improved. Gold traded at a premium in India after a brief gap, while demand in China remained steady despite slightly softer premiums. Notably, the People’s Bank of China continued its gold accumulation for the 17th consecutive month, highlighting strong central bank demand globally. Technically, the market is witnessing fresh buying, with rising open interest alongside higher prices indicating bullish momentum. Immediate support is seen at ₹1,50,535, with further downside towards ₹1,49,290. On the upside, resistance is placed at ₹1,53,980, and a move above this could push prices towards ₹1,56,180.
Silver prices jumped sharply by 3.7% to settle at ₹2,39,918, as easing geopolitical tensions boosted market sentiment. The rally followed a temporary ceasefire agreement between the U.S. and Iran, with U.S. President Donald Trump confirming a two-week pause in military action and progress toward negotiations. Iran’s commitment to keep the Strait of Hormuz open further reduced concerns over supply disruptions and energy-driven inflation. With oil prices stabilizing, investors have started to reassess interest rate expectations for 2026. The Federal Reserve is now seen holding rates steady, easing earlier fears of potential hikes. At the same time, steady improvement in the U.S. labor market, highlighted by rising private-sector hiring, continues to reflect underlying economic strength. On the supply side, silver holdings in London vaults declined by 2.4% to 27,065 tonnes, indicating some tightening in physical availability, which also supported prices. Technically, the market is witnessing short covering, as falling open interest alongside rising prices signals the unwinding of bearish positions. Immediate support is seen at ₹2,36,510, with further downside towards ₹2,33,095. On the upside, resistance is placed at ₹2,45,000, and a move above this level could push prices towards ₹2,50,075.
Crude oil prices plunged sharply by 16.95% to settle at ₹8,861, as easing geopolitical tensions triggered a wave of selling in the market. The decline came after U.S. President Donald Trump delayed potential military action against Iran and announced a two-week ceasefire framework. Iran’s agreement to reopen the Strait of Hormuz temporarily, along with signs of progress in negotiations, significantly reduced immediate supply disruption fears. Adding to the bearish sentiment, U.S. crude inventories continued to rise, marking the fourth consecutive weekly build. At the same time, gasoline and distillate stocks declined, indicating mixed demand trends. OPEC+ has also announced a modest output increase for May, though its actual impact may remain limited due to ongoing logistical constraints. On the global front, supply risks still persist, with reports of drone attacks on key Russian export infrastructure and fluctuating production levels among major producers. However, the easing of geopolitical tensions has outweighed these concerns for now, leading to a sharp correction in prices. Technically, the market is witnessing long liquidation, with a steep drop in open interest alongside falling prices, indicating aggressive unwinding of bullish positions. Immediate support is seen at ₹8,183, with further downside towards ₹7,505. On the upside, resistance is placed at ₹9,891, and a move above this level could push prices towards ₹10,921.
(Disclaimer: This article is for educatinal porpose only. Please consult your financial advisor before investing in stocks.)
