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Gold Prices Prediction For Monday, March 9: Despite occasional profit-taking, the overall trend in gold remains bullish amid escalating geopolitical tensions in the Middle East.
Gold Price Prediction.
Gold Prices Prediction For Monday, March 9: Gold prices continue to trade with an upward bias amid rising geopolitical tensions and persistent safe-haven demand. Analysts say the broader bullish structure remains intact despite intermittent profit booking.
The broader commodities basket enters the week with heightened volatility driven by escalating geopolitical tensions in the Middle East, which have triggered sharp rallies across energy and precious metals.
In Mumbai, the price of 24-carat gold increased to Rs 1,63,640 per 10 grams on March 7, while 22-carat gold was available at Rs 1,50,000 per 10 grams. In the international market, US spot gold was up 1.15% at $5,181.30 per ounce.
Gold Prices Outlook
Ponmudi R, CEO of Enrich Money, a SEBI-registered online trading and wealthtech firm, said the broader commodities basket is witnessing heightened volatility due to escalating geopolitical tensions in the Middle East.
Also Read: Nifty Prediction For Monday: Market May See Another Gap-Down On March 9; Know Support, Resistance Levels
Despite occasional intraday reversals and profit-taking, the overall trend in gold remains bullish. According to him, gold continues to attract strong safe-haven demand, while participation from investors has increased around breakout levels.
“Selective upside participation remains favourable, with disciplined risk management necessary around recently tested support zones as macroeconomic and geopolitical event risks continue to dominate sentiment,” he said.
COMEX Gold: Key Levels To Watch
COMEX gold futures are currently trading around $5,158-$5,181, compared to the previous close near $5,078-$5,099. The daily chart continues to reflect strong bullish momentum.
Prices are holding comfortably above key support levels, including the 50-day exponential moving average and earlier consolidation zones around $5,000-$5,100. The metal has recently tested the resistance area near $5,185.
Ponmudi said the overall bullish structure remains intact as long as prices stay above the $5,000-$5,100 zone. A decisive breakout above $5,200 could trigger the next leg of the rally, potentially pushing prices toward $5,400-$5,600 in the coming months.
“As long as prices continue to trade within the rising long-term trend channel, the overall outlook remains decisively bullish, with dips likely presenting strong accumulation opportunities within this extended bull cycle,” he added.
MCX Gold: Support And Resistance Levels
Domestic gold futures on the Multi Commodity Exchange (MCX) have maintained an uptrend. Prices recently broke above the earlier resistance level of Rs 1,65,000.
The earlier resistance area between Rs 1,58,000 and Rs 1,63,000 has now turned into a strong demand zone following the breakout, Ponmudi said.
As long as gold holds above Rs 1,65,000, Ponmudi said the metal could move toward the Rs 1,70,000 level and possibly higher. However, a break below Rs 1,57,000 could trigger a deeper correction toward the Rs 1,50,000 zone.
Gold Prices This Week
“After opening with a gap up earlier in the week, both gold and silver gradually declined this week as a stronger US dollar and rising Treasury yields, along with reduced expectations for interest rate cuts by the Federal Reserve, outweighed safe-haven demand stemming from the escalating Middle East conflict,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.
He added that investors continued to exit gold-backed exchange traded funds (ETFs) this week, indicating softer investment demand.
“ETFs reduced their gold holdings by 93,479 troy ounces in the latest session, marking the fourth consecutive day of outflows, the longest losing streak since February 6,” Gandhi said.
“Gold and silver prices experienced notable fluctuations on Friday, driven primarily by ongoing geopolitical tensions in the Middle East and robust safe-haven buying,” Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.
Jateen Trivedi, VP Research Analyst, Commodity and Currency, LKP Securities, said investors are closely monitoring crucial macroeconomic indicators, including the unemployment rate and non-farm payrolls numbers scheduled to be released later in the day.
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March 07, 2026, 16:13 IST
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