In a classic flight to safety, gold and silver prices are soaring as US-Iran frictions intensify, even as the dollar flexes its muscles. Mumbai traders report brisk buying in these timeless assets.
By 9:48 AM on MCX, gold April futures advanced 291 rupees (0.19%) to 1,55,105 rupees per 10 grams. Silver surged more aggressively, adding 1,690 rupees (0.70%) to 2,43,083 rupees/kg.
The trigger? Mounting fears of broader conflict, driving capital into gold and silver—bedrock safe havens when stocks wobble and geopolitics heats up.
Overseas, Comex reflects the fervor: gold up 0.24% at $5,009/oz, silver +0.21% at $77.815/oz. The one-year story is even more compelling, with gold +70% and silver +132% on roiling global tides.
Defying convention, the dollar index at 98 has climbed a point lately. Normally, this squeezes bullion, but extraordinary times demand extraordinary measures—geopolitical jitters prevail.
Crude oil joins the ascent, with Brent at ~$72/bbl (7% weekly rise) and WTI at $66.66/bbl. Middle East supply risks loom large.
As tensions simmer, precious metals could test fresh peaks. Yet, eagle-eyed investors know peace overtures might reverse the tide swiftly. Stay tuned to this high-stakes drama.