New Delhi: Precious metal prices surged sharply on Monday as escalating tensions in the Middle East triggered a rush toward safe-haven assets, lifting both gold and silver to record highs in domestic markets.
Gold jumped to around ₹1.68 lakh per 10 grams, while silver rallied to nearly ₹2.93 lakh per kilogram, reflecting intense buying interest. On the Multi Commodity Exchange (MCX), gold futures for April delivery climbed about 3.6%, while May silver contracts gained over 3.7%, underscoring strong investor demand amid heightened uncertainty.
The spike follows a dramatic escalation in the Iran–Israel conflict. A joint military strike by the United States and Israel reportedly killed Iran’s Supreme Leader Ayatollah Ali Khamenei, triggering swift retaliation from Tehran. Iran launched ballistic missiles and drone attacks targeting Israeli cities and US military bases across the region.
The conflict widened further as Hezbollah opened a front from Lebanon, claiming retaliation for senior Iranian casualties. Israel responded with airstrikes on Hezbollah positions in Beirut and southern Lebanon. Since February 28, multiple waves of strikes have reportedly targeted Iranian military, nuclear, and leadership infrastructure, significantly intensifying hostilities.
Retaliatory attacks on US and allied bases in Gulf countries have deepened fears of a broader regional war, rattling global markets. With equity markets turning volatile and oil prices reacting to supply risks, investors have increasingly shifted funds into bullion as a hedge against geopolitical and economic instability.
Market analysts say that if tensions continue to escalate, precious metals could remain elevated, with gold and silver likely to see sustained support from global safe-haven demand.
