Mumbai (Maharashtra) [India], March 25 (ANI): Gold prices witnessed a rebound on Wednesday, but the overall trend remains under pressure as the yellow metal has corrected more than 13 per cent so far in March amid global uncertainty and shifting investor sentiment.

The Gold prices opened on Wednesday with a surge of more than 3 per cent to Rs 143339/ 10 gram for 24 karats.

On the Multi Commodity Exchange (MCX), gold prices for 24 karats per 10 grams were at Rs 169300 at the beginning of March on 2nd. By March 25 (Wednesday), prices had declined by 13.69 per cent to Rs 144339 per 10 grams, reflecting sustained selling pressure during the month.

Silver prices have seen an even sharper correction. Although silver surged more than 5 per cent on Wednesday, opening to Rs 236686 per kg on MCX, it has still corrected more than 20 per cent so far this month.

At the beginning of March on 2nd, silver was trading at around Rs 296000 per kg, which has now dropped significantly to Rs 236686 per kg.

Market experts noted that despite the recent rebound, volatility in precious metals remains high.

Colin Shah, MD, Kama Jewelry said 'The recovery in gold prices today, breaking a brief phase of sharp correction, reflects the resilience of the yellow metal as a safe-haven asset. The recovery in gold prices is largely driven by the cautious buying from the investors' community as a hedge against geopolitical conditions triggering economic instability. While rising interest rates and a stronger USD had a temporary impact, the underlying affinity and dominance of the yellow metal remain intact. Many use such opportunities and follow the 'buy the dip' pattern to book profits.'

He also cautioned that one needs to be watchful of the developments in West Asia and take decisions in accordance, as we are sailing through troubled waters.

Ponmudi R, CEO of Enrich Money, said, 'MCX Gold opened with a gap up and is currently trading in Rs 1,43,000- Rs 1,45,000 resistance band, indicating underlying buying interest despite some intraday volatility. Price action suggests resilience at higher levels, keeping the broader tone constructive.'

He added that Rs 1,48,000 remains a key resistance level, and a sustained move above it could push prices towards Rs 1,55,000- Rs 1,57,000. On the downside, support is placed at Rs 1,37,000- Rs 1,40,000, with further downside risk toward Rs 1,30,000- Rs 1,32,000 if these levels are breached.

Rajeev Sharan, Head of Research at Brickwork Ratings, said, 'Commodity markets corrected sharply last week, with both oil and gold retreating from recent highs. International gold prices also dropped over 10 per cent, marking the steepest weekly fall in decades, though they remain more than 40 per cent higher year on year.'

He added that the moderation in gold and oil prices has provided temporary relief to the rupee, which had briefly slipped past 93 per US dollar. However, risks remain due to a wide trade gap and elevated gold imports.

The recent movement in gold prices has been influenced by geopolitical developments, particularly the United States' decision to suspend airstrikes on Iran's energy infrastructure, raising hopes of easing tensions.

However, uncertainty persists as Iran has denied any direct or indirect talks, even as US President Donald Trump has claimed that 'very good and productive conversations' are underway.

Overall, while prices have shown some recovery, both gold and silver continue to remain under pressure amid global uncertainties and volatile market conditions. (ANI)