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Gold prices rose to ₹98,180 per 10 grams in Ahmedabad on Thursday, increasing by a sharp ₹1,500 over the past three days. On the Multi Commodity Exchange (MCX), gold closed at ₹95,599 in the

previous session, continuing its upward trend. Meanwhile, international gold prices stood at $3,334.91 per ounce as of noon (IST). The overall movement indicates a strong positive outlook

for gold.

Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, said, "COMEX Gold August futures extended gains for a third consecutive session on Wednesday, settling above $3,340 per ounce. The

rally was supported by a weaker US dollar and continued safe-haven demand amid persistent economic and geopolitical uncertainty."

Heightened tensions in the Middle East pushed bullion higher after CNN reported that Israel may be preparing to strike Iranian nuclear facilities, despite the ongoing U.S.-Iran negotiations

over uranium enrichment. Geopolitical risks were further amplified when President Trump announced ceasefire talks between Russia and Ukraine, although he withdrew from any role in mediation.

Also, a surge in Chinese gold imports, despite record-high prices, added to the bullish momentum. "Chinese customs statistics revealed that robust demand and the central bank's issuance of

additional import quotas at the height of U.S.-China trade tensions caused gold imports to soar to an 11-month-high of 127.5 metric tonnes in April, up 73% from March," said Dr Renisha

Chainani, Head-Research, Augmont.

"Today, gold is extending its rally into a fourth straight session, trading above $3,370 per ounce as a lacklustre demand for U.S. Treasury auction signalled growing investor concerns over

the US fiscal outlook. Besides, flash PMI data from major global economies and U.S. jobless claims may further influence price movements," said Chainwala.

Chainani noted that as gold has changed its momentum and moved higher above $3,300 (around Rs 95,500), the rally can continue towards $3,380 (Rs 97,500), but prices are expected not to

sustain beyond that. Silver prices are gaining momentum and close to their resistance level of $34 (Rs 99,500). "We could see a reversal if prices don’t sustain. If prices sustain above

these levels, the next target would be $35 (Rs 102,000)," she added.