We from the markets desk bring you the latest on MCX Gold and crude oil, two commodities that investors are closely watching. On March 4, 2026, gold futures on the Multi-Commodity Exchange surged to around ₹1.63 lakh per 10 grams, riding strong safe‑haven demand. At the same time, crude oil futures continued to hold above the ₹7,100 mark after a recent breakout, indicating sustained bullish momentum. These moves matter because they reflect broader global trends, from geopolitical tension to supply concerns, that influence inflation, investment flows, and consumer costs.

MCX Gold Movement

• Price Trend: MCX Gold April futures rose to ₹1,63,505 per 10 grams, marking a solid daily gain. Gold has been climbing in recent sessions as global risk appetite falls.
• Domestic Bullion Price: 24-carat gold prices in Indian markets hovered around ₹1.66 – ₹1.73 lakh per 10 grams this week, showing consistent strength across cities.
• Why Gold Is Rising:
  • Geopolitical Tension: U.S.-Israel strikes on Iran boosted gold as a safe-haven investment.
  • Currency Impact: A weaker USD or rising risk aversion makes gold attractive for other currency holders.
  • Local Demand: Wedding season and festival buying support higher domestic gold prices.
• Technical View: Gold broke resistance at ₹1,60,700 and is consolidating above it. Resistance has now turned into support, indicating ongoing strength.

Crude Oil Performance

• Current Price & Breakout: MCX crude futures are holding above ₹7,100 per barrel after a recent breakout from lower ranges. This signals potential further upside.
• Global Benchmark: Brent and WTI prices are trading higher, reflecting supply concerns and bullish sentiment.
• Drivers Behind Rally:
  • Supply Risks: Potential disruptions near the Strait of Hormuz lift crude prices.
  • OPEC+ Decisions: Output cuts and tight global supply boost prices.
  • Rising Demand: Post-pandemic recovery, especially in Asia, keeps energy demand strong.

 How Gold and Crude Are Linked

• Shared Safe-Haven Appeal: Both gold and crude benefit when investors seek safety during uncertain markets.
• Geopolitical Impact: Conflicts push crude higher due to supply fears and gold higher as risk protection.
• Currency Effect: A weakening Indian rupee raises domestic prices for both commodities.
• Different Drivers: Gold reacts more to monetary policy and inflation, while crude oil depends on physical supply and demand.

Conclusion

MCX Gold’s rise to around ₹1.63 lakh per 10 grams underscores strong safe‑haven demand in uncertain markets. Crude oil’s maintained breakout above ₹7,100 per barrel signals bullish momentum in energy futures. Together, these moves reflect investor caution and shifting risk preferences amid global events. For traders and investors, staying informed and watching key price levels will be crucial as markets navigate ongoing volatility.

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The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.