MCX gold surged above ₹1.61 lakh per 10 grams, while silver jumped 2% to ₹2.68 lakh amid escalating US-Iran conflict. Safe-haven demand, rising oil prices, and global uncertainty boosted bullion prices.
MCX Precious Metals Rally Amid Middle East Crisis and Dollar Moves
New Delhi: Gold and silver prices surged in the Indian commodity market on Friday. Rising global bullion markets and escalating tensions surrounding the US-Iran war in the Middle East prompted investors to seek safe havens.
Gold prices in April futures on MCX opened at ₹1,61,040 per 10 grams, up 0.85% from the previous close of ₹1,59,673. Silver prices in May futures opened at ₹2,67,950 per kg, up 2.19% from the previous close of ₹2,62,191.
Experts say gold and silver prices are currently trading in the ₹1,55,000–₹1,65,000 range, and the positive trend is expected to continue in the near future.
Although silver prices are on track to fall by more than 10% this week, they traded with a slight gain on Friday. A strong dollar and ongoing tensions in the Middle East have driven investors to safer investment options.
Iran launched missile and drone attacks on Israel, the UAE, and Qatar this week. US Defense Secretary Pete Hegseth and Admiral Brad Cooper, head of US forces in the Middle East, stated that the US has sufficient weapons and missiles and can continue these attacks indefinitely.
Rising oil prices and inflation fears also supported gold and silver prices. The possibility of a US Federal Reserve interest rate cut has had an impact.
Apart from gold and silver, platinum prices stood at $2,124.05 per ounce, while palladium rose to $1,639.78. Experts say investor interest in these metals remains consistent.
Experts believe that safe-haven demand for gold and silver will persist due to rising tensions in the Middle East and fluctuations in the dollar. Gold prices on MCX are stable in the short term, but investors remain cautious.
