Gold and silver prices opened higher on the MCX as geopolitical tensions and a stronger dollar boosted safe-haven demand. Gold rose to ₹1.62 lakh per 10 grams while silver surged nearly 2% to ₹2.70 lakh per kilogram.
Bullion rally continues: Gold nears record highs as safe-haven demand rises
New Delhi: Amid rising global geopolitical tensions, gold and silver prices have seen a sharp rise in the domestic commodity market. On Thursday, gold futures on the Multi Commodity Exchange (MCX) rose by approximately 0.67 percent to ₹1,62,600 per 10 grams. Silver prices rose by approximately 1.9 percent and traded at ₹2,70,596 per kilogram.
According to experts, rising tensions between the US, Israel, and Iran and the strengthening dollar have driven investors toward safe havens, such as gold and silver. This has led to a boom in the bullion market. Gold is traditionally considered a safe haven during times of global uncertainty, leading to a sharp increase in demand.
Regarding the international market, gold prices on Comex rose nearly 1 percent to trade at $5,186.10 per ounce. Silver prices also rose 1.94 percent to $84.80 per ounce. Experts say that due to the strengthening dollar and global tensions, the commodity market may remain volatile in the coming days.
According to a report released by Augmont Bullion on March 3, gold prices are currently forming a strong base and may see further gains in the coming days. According to the report, gold could reach $5,500 to $5,600 per ounce in the international market, which would be equivalent to approximately ₹1.72 lakh to ₹1.76 lakh per 10 grams in the Indian market.
The report also shows a positive trend for silver. Silver is expected to stabilize between $85 and $95, after which it could reach $100 per ounce, or around ₹3 lakh per kilogram.
Gold prices are also rising in major cities across the country. In Chennai, gold is trading at around ₹16,581 per gram, while in Delhi it is trading around ₹16,465 per gram and in Mumbai at around ₹16,450 per gram. Prices in Kolkata, Bengaluru, Hyderabad, and Pune are also hovering around similar levels.
Market experts believe that due to global tensions and fluctuations in the dollar, both gold and silver may see sharp volatility in the coming days. However, bullion remains a potential asset for long-term investment.
