Markets recoiled from Middle East mayhem as gold and silver prices exploded upward on MCX, gaining over 3% in frenzied trade. The catalyst: US-Israel’s bold strikes on Iran, met with fierce Iranian missile ripostes, amid whispers turning to confirmations of Supreme Leader Khamenei’s death.
Key levels—April gold futures rocketed to 1,67,915 rupees/10g daily high on 3%+ momentum; March silver scaled 2,85,978 rupees/kg. By 10:46 AM, positions stabilized with gold +2.85% (4,612 rupees) at 1,66,716 rupees for April expiry, silver +2.66% (7,311 rupees) at 2,82,309 rupees/kg for March.
Post-Israel’s demolition of Iranian command posts and defenses, Tehran’s volleys hit Israeli zones and US Gulf outposts, heightening Hormuz oil flow jeopardy and regional meltdown risks.
Analyst Manav Modi of Motilal Oswal pegged the rally to sustained gold strength plus Trump tariff turbulence. Dollar index nudge to 97.85 (+0.24%) curbed overseas fervor slightly.
Oil’s 7%+ spike echoed supply panic. Focus shifts to global PMIs and US jobs report.
This caps a banner 2025 for gold, up 64% on central bank appetites, ETF deluges, Fed dovishness. Forecasts gleam: JPMorgan’s $6,300/oz by 2026 close; BofA’s $6,000/oz, betting on chaos-fueled premiums.