Gold Prices Surge 1% on MCX Amid Escalating US-Iran Tensions

Gold Price Rises Amid Geopolitical Tensions

MCX Gold April Futures jumped 1.13% to ₹1,62,930 per 10 grams on the Multi Commodity Exchange (MCX) on Wednesday, March 4, as investors sought safe-haven assets amid heightened geopolitical risks stemming from the US-Iran war.

MCX Silver May Futures rose 1.3% to ₹2,68,700 per kilogram, while the dollar index jumped to a multi-month high of 99.33, and the U.S. 10-year bond yields surpassed the 4.0% level. The US-Iran war shows no signs of easing as an exchange of missiles continues in West Asia.

Market Experts suggest waiting for stability in the markets before initiating fresh longs. Manoj Kumar Jain, of Prithvifinmart Commodity Research, recommends avoiding fresh positions in gold and silver in today's session. According to Jain, gold has support at $5,055-4,984 while resistance is at $5,220-5,280 per troy ounce, and silver has support at $78.80-74.00, while resistance is at $88.00-92.40 per troy ounce.

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MCX Gold April Futures and MCX Silver May Futures have support and resistance levels of ₹1,59,100-1,57,700 and ₹1,63,500-1,65,800 for gold, and ₹2,57,700-2,51,500 and ₹2,71,000-2,78,800 for silver, respectively. According to Jigar Trivedi, Senior Research Analyst at IndusInd Securities, MCX Gold April Futures may appreciate to ₹1,63,000 per 10 grams, while MCX Silver May Futures may rise to ₹2,70,000 per kilogram.