Gold rate today: MCX gold price rises above ₹1.67 lakh per 10 grams amid US-Israel-Iran war; silver price jumps 3%

Gold prices on the Multi Commodity Exchange of India opened sharply higher on Monday, following a rally in international bullion prices amid the escalating war in the Middle East, as the US and Israel launched major strikes on Iran, killing Supreme Leader Ayatollah Ali Khamenei, deepening global economic uncertainty.

MCX gold rate for April futures contracts opened higher by ₹3,397, or 2.09%, at ₹1,65,501 per 10 grams as against its previous close of ₹1,62,104 level. Gold prices jumped 3.5% to a high of ₹1,66,920 level.

MCX silver price for May contracts touched a high of ₹2,93,152 per kilogram, surging as much as ₹10,508, or 3.71%, as against its previous close of ₹2,82,644 level.

In the international market, spot gold price rallied 1% to $5,329.39 an ounce, after hitting its highest point in more than four weeks. Earlier in the session, bullion prices climbed as much as 2%. US gold futures rose 1.8% to $5,342.80 per ounce. Silver prices jumped as much as 2.8% to $96.4 an ounce before giving back gains.

Israel launched a fresh series of strikes on Tehran, and Iran responded with additional missile barrages, a day after the killing of Supreme Leader Khamenei — developments that have intensified uncertainty across the Middle East and heightened risks for the global economy.

Gold prices logged their seventh consecutive monthly gain in February — the longest such streak since 1973 — supported by sustained central bank purchases and a broader shift away from sovereign bonds and major currencies.

The latest rally builds on a 64% surge in 2025, driven by strong central bank buying, robust inflows into exchange-traded funds, and growing expectations of monetary policy easing in the United States.

Last week, JP Morgan and Bank of America reiterated that gold prices could climb toward the key $6,000 level. JP Morgan noted that it forecasts enough demand from central banks and investors this year to ultimately push prices to $6,300 an ounce by the end of 2026, Reuters reported.

Gold Price Outlook

Jigar Trivedi, Senior Research Analyst at IndusInd Securities expects MCX gold price for April futures may appreciate to ₹1,64,000 per 10 grams, and on a flip side, ₹1,60,000 level will be a floor.

MCX silver price for May futures may stay elevated and ₹2,84,000 per kg is resistance for now, he said.

According to Ajay Kedia, Director, Kedia Advisory, the overall trend for gold price remains positive as long as price is trading above 50MA and 200MA.

“Major resistance lies at ₹1,70,000 and support at ₹1,65,000 levels. As long as MCX gold price is trading in this range, we can expect a sideways to positive trend in the yellow metal. Meanwhile, the negative developments over the US-Israel-Iran war will continue to provide upside for gold as a safe haven,” said Kedia.

He recommends a ‘buy on drop’ strategy for MCX gold price today.

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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.