Gold Prices Rise Sharply on Comex Amid Dollar Weakness

Market Update: Precious Metals Spike Amid US-Iran Conflict

Key Figures:

• $5,238: day's high for April gold futures contract on COMEX
• $136: increase in gold futures contract price per troy ounce
• $90.38: day's high for May silver futures contract price per troy ounce
• 6%: week-to-date returns for silver
• 1.34%: week-to-date returns for gold
• 98.39: US Dollar Index price
• ₹3,169: increase in MCX gold futures price per 10 grams
• ₹2,79,463: day's high for May silver futures contract price per kilogram on MCX

Market Analysis

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The precious metals market experienced a significant spike on 10 March, with gold and silver prices surging amid a retreat in the US Dollar Index. The April gold futures contract on COMEX regained strength, rising $136 per troy ounce to $5,238, recovering all of the previous day's losses. The May silver futures contract also saw a sharp reversal in sentiment, with prices climbing $6 per troy ounce to $90.38.

Global Market Trends

The ongoing Israel-Iran conflict has entered its 11th day, with tensions continuing to simmer. The conflict has disrupted the crude oil supply chain, fueling concerns that higher prices could drag down the global economy. The US Dollar Index pulled back from its recent gains, falling to 98.39 after US President Donald Trump said that the US military operation in Iran is nearing its conclusion.

Domestic Market Performance

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In the domestic market, MCX gold futures advanced ₹3,169 per 10 grams to reach the day's high of ₹1,63,468, while the May silver futures contract on MCX strengthened by ₹12,303 per kilogram to touch ₹2,79,463.