Amid rising tensions in West Asia, there has been a sharp surge in safe-haven demand. Gold and silver prices surged sharply. Silver prices rose by ₹10,460 to ₹2.92 lakh per kg, while gold prices rose by ₹5,260 to ₹1.67 lakh per 10 grams.
Gold and Silver Status in International Markets
Increasing uncertainty in the global market has driven investors to turn to precious metals, pushing gold prices to $5,400 per ounce on COMEX, registering an intraday gain of over 2.5%. Silver prices also opened with a sharp rise, reaching an intraday high of $96.93 per ounce in early trade, representing a nearly 2% increase.
What is the situation in West Asia?
According to reports, talks between Washington and Tehran will continue next week. Oman, acting as a mediator, has indicated significant progress in the talks, although sources indicate that US officials are not fully satisfied with the pace of progress. Meanwhile, rising tensions between the US, Israel, and Iran have increased volatility in the global market, directly impacting gold and silver prices.
What are experts' predictions for gold and silver prices?
Experts believe that precious metals could rise further if geopolitical risks increase. According to Harish V., Head of Commodity Research at Geojit Investments, in extreme circumstances, gold could reach $6,000 per ounce globally and even Rs. 2 lakh per 10 grams in India, although this will depend entirely on the direction of the conflict. Analysts also say that under the current circumstances, silver is likely to surpass $100 per ounce.
Gold prices have surged 20% this year.
It's worth noting that gold prices have risen more than 20% so far this year and have stabilized above $5,000 per ounce. Despite falling from record highs in late January, gold has registered its seventh consecutive month of gains, marking the longest rally since 1973. Geopolitical tensions, trade uncertainty, concerns about the dollar's devaluation, and concerns about the Federal Reserve's independence are cited as key reasons for this multi-year rally.
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