Fresh escalations in the Iran-Israel conflict propelled a dramatic turnaround in precious metals prices on MCX Wednesday, with gold rising 1% and silver posting a robust 2.5% gain amid equity market jitters. Safe-haven demand surged as U.S. involvement loomed larger.
Bouncing from steep losses—gold down 3% to 1,61,108 rupees/10g and silver off 5% to 2,65,318 rupees/kg—April gold added 1.44% (2,324 rupees) to 1,63,432. May silver gained 2.65% (7,021 rupees) to 2,72,339/kg. Despite dollar strength to 99.33 and bond yields topping 4%, geopolitical panic trumped all.
Oil price fears could ignite inflation, binding Fed hands on rates. Khamenei’s death unleashed ongoing missiles; Israel hit Tehran, Beirut. Trump eyes 4-5 weeks of combat, possibly more.
Experts advise restraint: No new positions yet. Gold support 1,59,100-1,57,700, resistance 1,63,500-1,65,800. Silver support 2,57,700-2,51,500, resistance 2,71,000-2,78,800 rupees. Long-haul bulls intact.
History shows metals thrive in turmoil. This uptick embodies flight to quality, yet volatility reigns. Watch the skies—and charts—for stability signals before diving in.