Gold Prices Surge on MCX, Reaching ₹1.63 Lakh as US-Iran Tensions Fuel Safe-Haven Demand

Gold and Silver Prices Surge on MCX Amid Escalating US-Israeli Strikes on Iran

The Multi Commodity Exchange of India (MCX) saw a significant rally in gold and silver prices on Wednesday, with both commodities trading over 1% higher each. The escalating US-Israeli strikes on Iran heightened geopolitical uncertainty, supporting safe-haven demand and driving up prices.

MCX Gold Price: The April futures contracts opened at ₹1,63,265 per 10 grams, a gain of ₹2,157 or 1.33% from the previous close of ₹1,61,108. The price surged as high as ₹1,63,700 per 10 grams, a gain of 1.60%.

MCX Silver Price: The May futures contracts opened at ₹2,71,000 per kilogram, a gain of ₹5,682 or 2.14% from the previous close of ₹2,65,318. The price surged as high as ₹2,72,248 per kilogram, a gain of 2.61%.

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The rally in domestic gold and silver prices was supported by rising safe-haven demand, as the Middle East war jitters kept investors away from risky assets, leading to a stock market crash and fueling a surge in commodities, especially precious metals and crude oil prices.

International Market: Gold prices in the international market rebounded on Wednesday, with the spot gold price rallying 1% to $5,138.46 per ounce. US gold futures for April delivery gained 0.5% to $5,147.10 an ounce. Spot gold price has jumped 19% year-to-date, driven by global turmoil.

Silver Prices: Spot silver price also traded sharply higher, rallying 1.4% to $83.27 per ounce. Silver prices have risen more than 16% so far this year.

The US dollar strengthened, making dollar-denominated assets such as bullion more expensive for other currency holders. The Middle East war escalated, with US President Donald Trump stating that the US military had struck numerous Iranian naval and air targets.

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