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Gold and silver prices surged on MCX as rising geopolitical tensions due to the ongoing US-Iran war and volatility in the US dollar boosted safe haven demand. Gold crossed ₹1.56 lakh per 10 grams, while silver also posted strong gains.
MCX Gold Jumps Above ₹1.56 Lakh as Geopolitical Tensions Fuel Buying
New Delhi: Gold and silver prices rose in the domestic futures market on Tuesday. The US-Iran war and fluctuations in the dollar have driven investors toward safer investment options, boosting demand for gold and silver.
The April gold futures price on MCX rose more than half a percent to ₹1,56,740 per 10 grams. Meanwhile, the May silver futures price rose more than 1% to trade at ₹2,59,569 per kilogram.
This rise comes after a decline in the previous session. Earlier on Monday, gold fell nearly 2% to close at ₹1,55,736 per 10 grams, while silver fell more than 1% to close at ₹2,56,532 per kilogram.
The ongoing war between the US and Iran has now entered its third week, and there are no signs of it ending. This conflict has created instability throughout West Asia, directly impacting global markets.
According to reports, drone attacks from Iran have reached Dubai, Abu Dhabi, and Fujairah. A drone attack on a fuel tank near Dubai International Airport forced the airport to be temporarily closed.
The continued fluctuations in the dollar have also increased investor concerns. In such an environment, investors are turning to safe investment options like gold and silver to avoid risk. This is why precious metal prices are seeing a surge.
Investors are now focused on the upcoming meeting of the US Federal Reserve. The Fed's decisions will not only impact the dollar but will also determine the direction of gold and silver prices.
Experts believe that as long as global tensions and economic uncertainty persist, the strengthening trend in gold and silver may continue.
