Investors turned to gold and silver in droves Friday as US-Iran tensions boiled over, igniting a robust price surge on India’s MCX. A mildly retreating dollar amplified the momentum for these time-tested safe havens.
April gold futures hit an intra-day peak of ₹1,60,719 per 10 grams, up 0.30%, while March silver rocketed beyond 3% to ₹2,68,301 per kilogram. By 2:13 PM, gold traded 0.40% higher at ₹1,60,354 (plus ₹645), and silver gained 2.69% or ₹6,981 to settle at ₹2,66,650.
Stagnant nuclear diplomacy, US military reinforcements, and punitive sanctions on Iranian oil and arms have kept markets on edge. Bidirectional threats between the powers have cemented precious metals’ status as go-to assets.
Dollar index slipped 0.04 points to 97.76, following a corrective pullback from recent peaks that had restrained gold earlier. Fading hopes for imminent Fed rate reductions, buoyed by sturdy US data, round out the influences.
SEBI’s directive to standardize physical gold-silver valuations in mutual fund ETFs marks a pivotal shift for domestic investors, enforcing consistency and market-linked pricing from April 1, 2026.
From an analytical lens, gold’s stabilization in the ₹1,55,000-₹1,65,000 band after dizzying highs reflects a technical breather in a bullish trajectory. Silver eyes medium-term surges to ₹3,00,000+ if it holds above crucial supports at ₹2,25,000-₹2,35,000.
With uncertainties abroad unlikely to fade soon, these metals’ rally underscores their enduring role in hedging against volatility.