Gold surges Rs 6,000/10 gm, silver jumps Rs 9,500/kg as Iran conflict sparks haven rush. Big rally brewing?

Gold and silver prices opened sharply higher on the Multi Commodity Exchange of India (MCX) on Monday after the United States and Israel launched major strikes on Iran, killing its Supreme Leader, Ali Khamenei. The escalation heightened safe-haven demand for precious metals amid rising geopolitical tensions and growing global economic uncertainty.

MCX gold futures due April 2026 were up over Rs 5,811, or 3.5%, at Rs 1,67,915 per 10 grams. Meanwhile, silver futures for March 5, 2026 delivery soared Rs 9,492, or 3.5%, to Rs 2,84,490 per kg.

“Gold is perhaps the finest barometer of global uncertainty and, to mix metaphors, the mercury is rising. We should expect gold to be repriced higher to fresh records as we enter a whole new era of geopolitical uncertainty,” independent analyst Ross Norman told Reuters.


In the international market, spot gold rose 1% to $5,329.39 an ounce as of 0201 GMT, after touching its highest level in more than four weeks. Earlier in the session, bullion had climbed as much as 2% before trimming some gains. In contrast, spot silver rose over 2% to $95 an ounce, even after posting a monthly gain in February.

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How should you trade gold?

Manoj Kumar Jain of Prithvi Finmart said precious metals are witnessing extremely high volatility. However, silver may hold its key support at $84.00 per troy ounce, while gold could sustain above $5,122 per troy ounce on a closing basis this week. He said traders should expect continued volatility in gold and silver amid fluctuations in the dollar index, the ongoing US-Iran tensions and ahead of the US jobs data release.

Gold has support in the $5,220-5,164 range and resistance at $5,340-5,420 per troy ounce. Silver has support at $90.00-86.80 and resistance at $98.00-102.00 per troy ounce in today’s session.

On the MCX, gold has support at Rs 1,60,600-1,58,800 and resistance at Rs 1,64,400-1,67,000, while silver has support at Rs 2,78,000-2,71,000 and resistance at Rs 2,92,000-3,04,000. "We recommend buying gold above Rs 1,63,300 with a stop loss below Rs 1,60,600 for targets of Rs 1,65,000-1,67,000. Similarly, silver can be bought above Rs 2,85,500 with a stop loss below Rs 2,78,000 for targets of Rs 2,89,800-2,96,000."

Gold rates in physical markets

Gold price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 1,27,048 per 8 grams while pure gold (24 carat) prices stand at Rs 1,38,592 per 8 grams.

Gold price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 1,26,928 per 8 grams while pure gold (24 carat) prices stand at Rs 1,38,472 per 8 grams.

Gold price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 1,26,208 per 8 grams while pure gold (24 carat) prices stand at Rs 1,37,680 per 8 grams.

Gold price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 1,26,928 per 8 grams while pure gold (24 carat) prices stand at Rs 1,38,372 per 8 grams.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)