Precious metals markets showed mixed yet resilient performance as shifting geopolitical developments and currency movements influenced investor sentiment. Silver rebounded sharply after briefly slipping below the $80 mark, climbing back toward $90 as the U.S. Dollar Index eased following a pullback in safe-haven demand.

The recovery came as expectations grew that tensions surrounding the US–Iran conflict could ease sooner than anticipated. While geopolitical risks traditionally support precious metals, rapid shifts in risk sentiment have recently triggered short-term volatility rather than a sustained rally in bullion prices.

Meanwhile, Donald Trump indicated that U.S. military operations in Iran may be nearing completion and progressing faster than the initially projected four-to-five-week timeline. The U.S. administration has also signalled potential waivers on oil-related sanctions and plans for the U.S. Navy to escort tankers through the Strait of Hormuz, measures aimed at stabilising global oil supply and preventing a sharp surge in energy prices.

Currency dynamics continue to play a crucial role in bullion markets. The U.S. Dollar Index had strengthened earlier amid safe-haven demand triggered by geopolitical tensions and rising oil prices. Investors are now closely watching key U.S. inflation indicators, including the Consumer Price Index and the Personal Consumption Expenditures Price Index, which could offer further signals on inflation trends and the future course of monetary policy.

From a technical perspective, gold continues to maintain a bullish bias. Analysts expect prices to move toward the $5,250 level (approximately Rs. 65,000) and potentially $5,300 (around Rs.167,000) in the near term. Strong support is seen near the $5,000 mark, which could act as a key buying zone if prices experience short-term corrections.

Silver also remains firmly supported after reaching the $90 level, with bullish momentum pointing toward a potential upside target of $95. On the downside, the $80 level is expected to serve as a strong support zone, where fresh buying interest could emerge during corrections.

Overall, bullion markets remain sensitive to currency movements, inflation data, and geopolitical developments. While the longer-term outlook for precious metals remains constructive, short-term price movements are likely to be influenced by fluctuations in the dollar and evolving global risk sentiment.