New Delhi — : The Gold prices have surged past ₹1 lakh per 10 grams on MCX due to escalating tension between Israel and Iran. On Friday, August gold futures jumped ₹2,011 (2.04%), reaching ₹1,00,403, while silver July futures rose ₹810 (0.76%) to ₹1,06,695 per kg. This historic spike comes as investors rush to safe-haven assets amid concerns over Middle East unrest and a weak dollar.
Middle East Conflict Sends Ripples Through Metal Markets
Early Friday, reports confirmed Israeli airstrikes on Iran’s nuclear infrastructure and missile facilities. The global reaction was swift: crude oil prices jumped, and precious metals soared. In international markets, gold crossed $3,400 per troy ounce, boosting India’s gold futures past ₹1 lakh. This gold run highlights investors’ fear of disruptions in global supply chains, especially around strategic zones like the Strait of Hormuz.
Strong U.S. Economic Data Supports Metal Surge
Thursday’s U.S. Producer Price Index (PPI) data showed inflation remains in check, while a rise in unemployment claims added more optimism for precious metals. Together, these factors reinforced the appeal of gold and silver as secure investment options in uncertain times.
Market Experts Share Views and Trading Tips
Manoj Kumar Jain of Prithvifinmart Research says gold is at a 6-week high, and if it holds above $3,400, a further rally is possible. He predicts short-term volatility, with gold support at $3,330 and silver at $35.
Renisha Chainani from Augmont Research expects gold to stay strong mid-term, possibly reaching ₹1,05,000, as long as global risk sentiment doesn’t worsen.
For traders on MCX, Manoj Jain’s recommended ranges:
Gold: Support ₹98,100–₹97,600, Resistance ₹99,000–₹99,600
Silver: Support ₹1,05,000–₹1,04,200, Resistance ₹1,07,000–₹1,07,700
Buy gold above ₹98,400 with stop-loss ₹98,000, Target ₹99,500
Buy silver near ₹1,05,000 with stop-loss ₹1,03,800, Target ₹1,07,000
Rohit Kalantri of Meta Equities suggests slightly different ranges but agrees on overall upward trend.
Current Physical Gold Rates in Major Cities
Here are today’s gold prices (8 g basis):
Delhi: 22 ct – ₹58,288 | 24 ct – ₹99,064
Mumbai: 22 ct – ₹98,944 | 24 ct – ₹99,760
Chennai: 22 ct – ₹97,599 | 24 ct – ₹99,608
Hyderabad: 22 ct – ₹98,840 | 24 ct – ₹99,544
Global Fear Lingers as Investors Monitor Middle East Crisis and Dollar Moves
Gold and silver markets remain on high alert as geopolitical risks persist. Traders now closely watch if prices stay above crucial support levels and where global developments steer the next trend for precious metals.
