Geopolitical storm clouds over the Middle East have unleashed a torrent of buying in gold and silver, with Indian prices exploding on Monday. Driven by Israel-Iran skirmishes, 24-carat gold soared ₹8,374 to a peak of ₹1,67,471 per 10 grams from ₹1,59,097. Silver rocketed ₹23,148 to ₹2,89,848 per kg.
Breaking down IBJA data: 22-carat gold climbed to ₹1,53,403 per 10 grams (from ₹1,45,733); 18-carat to ₹1,25,603 (from ₹1,19,323). This isn’t just a blip – it’s a seismic shift fueled by war fears.
MCX futures amplified the trend: gold April 2026 +4.09% to ₹1,68,740; silver May 2026 +4.49% to ₹2,95,336. Internationally, Comex gold hit $5,397/oz (+2.78%), silver $95.09/oz (+1.90%).
The trigger is clear: potential for full-scale Middle East war involving Israel, Iran, and possibly the US. ‘This is classic safe-haven buying,’ opined Jatin Trivedi of LKP Securities. ‘Economic releases will dictate next moves. Gold above ₹1,64,000 support eyes ₹1,72,000.’
Beyond numbers, this rally signals deeper anxieties. For jewelers, exporters, and retail buyers in India, costs are spiraling. Yet for long-term investors, it presents opportunities in a volatile world. As conflicts rage, precious metals reaffirm their timeless value as portfolios’ ultimate shield.