Comex Gold and Silver Prices Rise Amid Elevated Safe-Haven Demand Linked to US-Iran Tensions
Market Update: Gold and Silver Prices Rally on Middle East Tensions
Key Figures:
- $5,434: Current gold price per ounce on Comex
- $187: Daily gain in gold price per ounce
- $5,626: Recent peak gold price
- 4%: Distance between current gold price and recent peak
- $97.3: Current silver futures contract price on Comex
- $4: Daily gain in silver futures contract price
- 20%: Gain in silver price over the past four weeks
- 184%: Gain in silver price over the last 10 months
- ₹1,69,880: Current April gold futures contract price on MCX
- ₹7,776: Daily gain in gold futures contract price on MCX
- ₹33,695: Regained value in gold prices from February low
- ₹2,97,799: Current March silver futures contract price on MCX
- ₹15,155: Daily gain in silver futures contract price on MCX
Market Analysis
On Monday, gold and silver prices continued their upward trend, driven by escalating tensions in the Middle East. The US and Israel's attack on Iran has led to increased demand for safe-haven assets, with gold prices rising by $187 per troy ounce to $5,434 per ounce on Comex. This marks the seventh consecutive month of gains for gold, with prices increasing by 59% since $3,307 per troy ounce in September.
Silver prices also surged, with the March silver futures contract on Comex gaining $4 per troy ounce to reach $97.3, the highest level in five weeks. Over the past four weeks, silver has gained 20%, and over the last 10 months, it has surged 184%.
In the domestic market, the April gold futures contract on MCX gained ₹7,776 per 10 grams to reach ₹1,69,880, the highest level since late January. The March silver futures contract on MCX also gained ₹15,155 per kilogram to touch ₹2,97,799, the highest level in over two months.
The ongoing conflict in the Middle East is expected to continue, with US President Donald Trump warning that the conflict could stretch on for another four weeks. This uncertainty is likely to maintain the upward trend in gold and silver prices, as investors seek safe-haven assets to mitigate potential losses.
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
Investor Takeaway
Investors should be aware of the potential market impact of escalating tensions in the Middle East on safe-haven assets.
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