New Delhi: Precious metal prices are likely to see a fiery start to the week when trading resumes on Monday, as investors would rush for safe-haven assets amid escalating the Middle East tension, analysts said.
President Donald Trump announced “major combat operations” in Iran after Israeli strikes on Tehran. Iranian state media confirmed Supreme Leader Ayatollah Ali Khamenei’s death on Sunday, triggering retaliations from Iran against US military installations and Israeli targets across the region.
Analysts said the extent of the impact on domestic silver and gold prices will depend on how long the conflict persists, as global investors recalibrate risk exposure amid fears of a prolonged instability in the Middle East.
On the MCX, silver futures for the March contract surged Rs 22,054 or 8.72 per cent, while gold for April contract rose Rs 5,228, or 3.33 per cent, over the past week.
In global market, Comex silver futures gained $10.34, or 12.55 per cent and gold rose $167 or 3.3 per cent, during the past week.