Mumbai: Gold and silver prices are expected to open sharply higher on Monday after tensions between Israel and Iran escalated over the weekend. Market experts believe growing geopolitical uncertainty is pushing investors towards safe-haven assets like precious metals.
The situation intensified after Israel carried out what it called “preventive” missile strikes on Iran. Reports said large explosions were heard in Tehran, raising fears of a wider regional conflict. Such developments usually create volatility in global financial markets, encouraging investors to move money into safer investment options.
Gold prices may move towards record levels
According to analysts, international gold prices on COMEX are currently facing resistance near USD 5,300 per ounce. If prices break above this level, domestic gold rates in India could rise significantly.
Experts estimate that gold prices in the Indian market may climb to around Rs 1,68,000–Rs 1,70,000 per 10 grams in the coming sessions.
On the technical charts, MCX Gold has already crossed the important Rs 1,60,000 level, signalling strong buying momentum. Prices are currently stabilising near Rs 1,62,000, and analysts believe that as long as gold holds above Rs 1,60,000, it may move towards Rs 1,63,500–Rs 1,65,000 in the near term.
Silver also shows strong upward momentum
Silver prices have also witnessed a sharp breakout. MCX Silver has surged towards the Rs 2,80,000–Rs 2,85,000 range.
Market experts say that if current momentum continues and support levels remain intact, silver prices could further rise to Rs 2,90,000–Rs 2,95,000.
Markets remain cautious
Meanwhile, Israel’s Defence Forces said sirens were sounded across the country and citizens were advised to remain close to protected areas. Rising geopolitical risks are expected to keep global markets cautious, with precious metals likely to remain in focus in the short term.
