New Delhi, Mar 2: Gold and silver prices surged by over 3 per cent on Monday as escalating tensions between the US and Iran, compounded by Israeli strikes on Iran and US military bases in the Gulf, sparked increased demand for safe-haven assets.
On the Multi Commodity Exchange (MCX), April gold futures soared by 3.12 per cent, reaching ₹1,67,155 per 10 grams. Meanwhile, silver March futures rose by 3.04 per cent, hitting ₹2,91,249 per kg. This sharp increase reflected heightened geopolitical uncertainty and investors' rush to secure safer investments amid the volatile global situation.
The dollar index also rose by 0.24 per cent, reaching 97.85, making dollar-backed bullion more expensive for overseas buyers and tempering further price gains. At the same time, crude oil prices jumped by more than 7 per cent, reflecting concerns about potential supply disruptions amid the ongoing conflict in the Middle East.
Investors are now closely monitoring upcoming key manufacturing PMI data and US labour market reports for further market signals. The recent surge in gold prices follows a remarkable 64 per cent rise in 2025, driven by strong central bank purchases, ETF inflows, and expectations of US monetary easing.
Looking ahead, JP Morgan has forecasted that gold could hit $6,300 an ounce by the end of 2026, while Bank of America predicts a rally toward $6,000. Both forecasts highlight the strong bullish sentiment surrounding gold, driven by ongoing geopolitical risks and macroeconomic factors.
