Gold, Silver Price Highlights: Comex gold prices jump 3%. Can US-Iran war fuel gold, silver to new highs?

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Experts noted that gold has traditionally been a safe-haven asset for investors, and the sustained demand for gold could boost prices to new highs.

“Inflationary pressures due to rising crude oil prices following the disruption in the Middle East could also elevate the prices. However, the extent of the rally would depend on the outcome of the conflict, the monetary policy stance, and currency value. While the prices could surge in the short term, investors should keep a check on the overall scenario,” said Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures.

In the international front, COMEX gold prices surged to $5,400 per ounce during the intraday session on Monday.

“If the US-Iran conflict continues, the risk premium for investors would increase, pushing gold prices in India to new records,” said Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures.

Gold prices rose on Monday after the US and Israel launched a major strike on Iran, reportedly resulting in the death of Supreme Leader Ayatollah Ali Khamenei and heightening global economic uncertainty.

As US-Iran war has shifted investors' focus on gold, Rick Kanda, Managing Director at the Gold Bullion Company believes that investment in the yellow metal should not be dependent on whether the market is either surging or falling.

“You should be more focused on whether your financial situation enables you to do so at that particular time. Gold should always be seen as a long-term investment strategy,” he said.

The US stock market opened Monday’s session sharply lower, with the Dow Jones Industrial Average falling 543 points, or 1.2%, and the S&P 500 declining 1.2%, after escalating tensions in the Middle East triggered by US and Israeli attacks on Iran.

Iran continued its attacks for the third straight day on Monday, targeting key US military bases around the Gulf and sending shockwaves through the global energy supply chain.

The geopolitical escalation compounds an already fragile backdrop for stocks. The S&P 500 sold off on Friday and finished in the red for February amid renewed turmoil in artificial intelligence and software shares.

Fears that automation may erode business models and trigger mounting layoffs have weighed on sentiment, raising concerns about spillover effects on the broader economy.

The April gold futures contract on MCX gained ₹7,776 per 10 grams to reach the day's high of ₹1,69,880. From the February low, gold has regained ₹33,695, slowly marching towards its record high of ₹1,80,779.

Meanwhile, the March silver futures contract gained even more sharply, rising by ₹15,155 per kilogram to touch the day's high of ₹2,97,799, the highest level since late January.

After facing a historic sell-off in late January, the white metal staged a strong comeback, recovering ₹71,994 from recent lows, though prices are still far from the historic peak of ₹4,20,048.

The March silver futures contract on Comex gained $4 per troy ounce to reach the day’s high of $97.3, the highest level in five weeks. The white metal closed February with a 19% jump, extending its monthly winning streak to a tenth straight month.

Over the past four weeks, silver has gained 20%, and over the last 10 months, it has surged 184%.

Comex gold has closed the last seven months higher, rallying from $3,307 per troy ounce to $5,247, reflecting an increase of 59%.

The yellow metal scaled a fresh peak of $5,626 in late January, and, with today’s 3% rally, it is still just 4% away from reaching that level.

Experts said the prolonged tensions in the Middle East could drive prices to another record high.

Ponmudi R, CEO of Enrich Money, said, “Prices continue to hold firmly above the key moving averages in the resistance zone of the prior all-time high, gradually edging higher and signaling strengthening momentum. Strong buying interest is visible in the $5,100–$5,200 support band. A sustained breakout above $5,500–$5,600 could open the path toward fresh record highs.”

Sectors that were hit the most in pre-market trading in the US included airlines, as several carriers halted flights, with Delta Airlines and United Airlines tumbling 6% each in pre-market trading. Big banks such as Bank of America and Citigroup slid over 2% each.

Meanwhile, defence stocks got a boost, with Lockheed Martin and RTX Corporation gaining 7% each, while Kratos rose 10% and AeroVironment was up 13% in pre-market trade. Oil companies Occidental Petroleum and ConocoPhillips added over 6% each, while crude-price-sensitive cruise stocks Carnival and Royal Caribbean slid 6% each.

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said, "Gold maintains a strong bullish structure as long as it holds above ₹164,000, which now acts as a crucial support zone. On the higher side, ₹172,000 remains the immediate resistance; a sustained break above this level could open the path for further upside momentum. Volatility is expected to stay elevated given geopolitical risks and macro data triggers."

India's current account deficit widened in the October-to-December quarter on the back of a higher merchandise trade deficit, the Reserve Bank of India said on Monday. The current account deficit stood at $13.2 billion, or 1.3% of GDP, in the third quarter of fiscal year 2025-26, compared with $11.3 billion, or 1.1% of GDP, a year earlier.

The October-December quarter saw the Indian economy face the brunt of U.S. trade tariffs of up to 50%, dampening export growth. Meanwhile, rising prices and shipments of gold pushed up imports.

US stock index futures fell over 1% on Monday, with investors increasingly pricing in the prospect that the conflict in the Middle East could persist for weeks, potentially disrupting global trade flows and adding to inflationary pressures. Read more

There are products which may be structurally better suited to such environments of heightened geopolitical risks. Multi Asset Allocation Funds, for instance, allocate across equities, debt and commodities such as gold and silver. This diversified exposure can provide a natural hedge during periods of heightened uncertainty, while still maintaining participation in equity markets for long-term growth.

— Varun Gupta, CEO, Groww Mutual Fund

The domestic gold futures rose almost ₹6860 or over 4% to near the ₹1,70,000 mark. As of 5.55 pm, MCX gold futures were at ₹168,966 per 10 grams. Earlier in the day, prices had crossed ₹1,69,000.

Gold prices on Comex traded almost 2.8% higher at $5,398.10 amid flight to safety on escalating tensions in the Middle East.

Silver is behaving differently — and more aggressively. Unlike gold, silver carries both safe-haven and industrial demand characteristics. In times of uncertainty, it benefits from risk hedging, but it also remains tied to structural themes like electrification, solar expansion, and industrial recovery. That dual nature makes it more volatile, but also more explosive during stress cycles. If geopolitical tensions persist and the dollar stabilizes rather than spikes sharply, silver could outperform gold on a relative basis. In this environment, metals are not just reacting — they are repricing risk.

— Harshal Dasani, Business Head at INVasset PMS

The rally is largely driven by a pronounced risk-off sentiment, as investors rotate capital out of equities and into precious metals to hedge against potential war-related disruptions. Concerns over crude oil supply through the Strait of Hormuz have added to inflationary fears, further supporting bullion prices. Despite a stronger US dollar and fading expectations of aggressive Federal Reserve rate cuts, safe-haven demand is currently outweighing traditional headwinds.

Expect volatility to remain elevated. In case of further escalation, gold could test ₹1,70,000 per 10 grams and silver may approach ₹3,00,000 per kg in the near term. However, any diplomatic breakthrough could prompt sharp profit-booking, given the rapid 3–6% rally recorded within a short span.

— Gaurav Garg, Research Analyst at Lemonn Markets Desk

Gold prices surged sharply with MCX touching ₹1,68,700 as CME gold rallied close to $5,400, gaining nearly 2% amid renewed tensions involving the U.S., Israel and Iran. Escalating war-like developments across the Middle East have intensified safe-haven demand, keeping bullion firmly bid despite already elevated levels.

The week ahead remains data-heavy for the U.S., with Manufacturing and Non-Manufacturing PMI, ADP Non-Farm Employment Change and Unemployment data lined up all of which could inject further volatility into prices as participants reassess Fed policy expectations.

Technically, gold maintains a strong bullish structure as long as it holds above ₹1,64,000, which now acts as a crucial support zone. On the higher side, ₹1,72,000 remains the immediate resistance; a sustained break above this level could open the path for further upside momentum. Volatility is expected to stay elevated given geopolitical risks and macro data triggers.

— Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities

Silver is following gold but with greater volatility in price swings because of its dual role as both a precious and industrial metal. It has risen sharply alongside gold, and if gold continues higher, silver could outperform in percentage terms, though it remains more sensitive to global growth expectations.

— Ross Maxwell, Global Strategy Operations Lead, VT Markets

Escalating tensions between the US, Israel and Iran have seen investors return to gold in its role as a traditional safe-haven asset, causing prices to rise sharply in global and Indian gold markets.

Increased geopolitical risk, fears of supply disruptions in the Strait of Hormuz, rising oil prices and a weakening rupee have created a supportive environment for gold in India, where prices have already surged toward record highs and near ₹1.7 lakh per 10 grams.

Safe-haven buying increases in these conflict situations as investors move away from equities and risk assets into stores of value, which can be seen clearly as the markets have re-opened.

If the conflict is pro-longed or spreads into a wider regional conflict, then gold could test new highs in India, especially if crude oil remains elevated and the rupee stays under pressure, which increases import costs for gold. However, any signs of de-escalation or a stronger USD could cap prices in the short-term.

— Ross Maxwell, Global Strategy Operations Lead, VT Markets

Silver is following gold but with greater volatility in price swings because of its dual role as both a precious and industrial metal. It has risen sharply alongside gold, and if gold continues higher, silver could outperform in percentage terms, though it remains more sensitive to global growth expectations.

— Ross Maxwell, Global Strategy Operations Lead, VT Markets

Gold should not be looked at as an asset you react to impulsively. Remember that gold is a long-term investment, not a short-term trade, and market fluctuations are a natural part of the cycle, not a reason to panic. If you have invested in gold for the right reasons, which are long-term financial storage, short-term declines in the market should not hurt your confidence.

— Rick Kanda, Managing Director at The Gold Bullion Company

If the conflict is pro-longed or spreads into a wider regional conflict, then gold could test new highs in India, especially if crude oil remains elevated and the rupee stays under pressure, which increases import costs for gold. However, any signs of de-escalation or a stronger USD could cap prices in the short-term.

— Ross Maxwell, Global Strategy Operations Lead, VT Markets

Gold investment should not be dependent on whether the market is either surging or falling; you should be more focused on whether your financial situation enables you to do so at that particular time. Gold should always be seen as a long-term investment strategy.

— Rick Kanda, Managing Director at The Gold Bullion Company

Trump again threatens Iran

The movements of additional American warships and airplanes, with the USS Gerald R. Ford aircraft carrier near the mouth of the Mediterranean Sea, don't guarantee a U.S. strike on Iran — but they bolster Trump's ability to carry out one should he choose to do so.

He has so far held off on striking Iran after setting red lines over the killing of peaceful protesters and mass executions, while reengaging in nuclear talks that were disrupted by the war in June.

Iran has agreed to draw up a written proposal to address U.S. concerns raised during this week’s indirect nuclear talks in Geneva, according to a senior U.S. official who was not authorized to comment publicly and spoke on the condition of anonymity.

Courtesy: AP

After hitting an intraday high of ₹2,85,978 per kg during the early morning session on the MCX, the precious white metal came under the profit-booking trigger. However, the downside was limited and the MCX silver rate is once again trading above ₹2,85,000 per kg.

The rising tensions between the US and Iran have increased geopolitical risks, which are a major driver for safe-haven assets such as gold. If the US-Iran conflict continues, the risk premium for investors would increase, pushing gold prices in India to new records.

— Aksha Kamboj, Vice President, IBJA & Executive Chairperson, Aspect Global Ventures

Iran held annual military drills with Russia on Thursday as a second American aircraft carrier drew closer to the Middle East, with both the United States and Iran signaling they are prepared for war if talks on Tehran's nuclear program fizzle out.

President Donald Trump said Thursday he believes 10 to 15 days is “enough time” for Iran to reach a deal. But the talks have been deadlocked for years, and Iran has refused to discuss wider U.S. and Israeli demands that it scale back its missile program and sever ties to armed groups. Indirect talks held in recent weeks made little visible progress, and one or both sides could be buying time for final war preparations.

Iran’s theocracy is more vulnerable than ever following 12 days of Israeli and U.S. strikes on its nuclear sites and military last year, as well as mass protests in January that were violently suppressed.

Courtesy: AP

Fresh military strikes by the United States and Israel on Iran continued after weekend attacks that killed Iran's Supreme Leader Ayatollah Ali Khamenei, prompting Tehran to launch missile barrages across the region and raising fears the conflict could widen and potentially draw in neighbouring countries.

Courtesy: Reuters

European shares fell across the board on Monday as the military conflict in the Middle East showed no signs of easing, while energy and defence stocks jumped.

The pan-European STOXX 600 fell 1.8% to its lowest since mid-February to 622.35 points by 0812 GMT, retreating from a record high hit on Friday, with most sectors in the deep red.

Travel and leisure stocks, which include airline and hotel companies, declined the most, down 4.4%, with Lufthansa falling 11% after the German airline extended flight suspensions due to the situation in the Middle East.

Banking stocks fell 3.6%, while insurers fell 2%.

Courtesy: Reuters

Bank of Japan Deputy Governor Ryozo Himino said the central bank is expected to keep raising interest rates but gave no hints on the timing of the next hike, as the Middle East conflict heightened uncertainty over the economic outlook.

Himino said the growing market volatility would not prevent the Bank of Japan (BOJ) from raising rates, arguing that it was inappropriate to automatically tie its policy decision to market developments.

Instead, he stressed the need to scrutinise various data in determining the timing for the next rate hike with underlying inflation approaching, but not yet stabilising, around the BOJ's 2% target.

Courtesy: Reuters

COMEX Silver is trading near $91–$96 after a strong recovery from recent lows. The broader bullish structure remains intact on higher timeframes. Prices have reclaimed major moving averages, signalling a transition from correction toward potential renewed strength. Strong buying interest is evident in the $85–$90 support zone. A sustained recovery above $100–$105 could reignite momentum toward $110–$115 and potentially retest previous highs. Medium- to long-term outlook remains constructive, amid favorable global cues from geopolitical developments and safe-haven buying, even with ongoing volatility.

— Ponmudi R, CEO at Enrich Money

Bullion is likely to remain supported as Trump indicated that military operations could extend for “four to five weeks.” He also suggested that sanctions relief may be possible if Iran’s new leadership signals a willingness to engage constructively while Iran's Supreme National Security Council Secretary Ali Larijani denied Monday any intent to restart U.S. talks, signaling no near-term dialogue. The strong rally indicates that a significant portion of the geopolitical premium may already be priced in. A decisive breakout to new highs would likely require a major escalation, for instance, a confirmed large-scale Iranian attack on a U.S. aircraft carrier such as the USS Abraham Lincoln, which could provoke substantial U.S. retaliation and ignite another wave of aggressive safe-haven buying.

— Kaynat Chainwala, AVP — Commodity Research at Kotak Securities

Heightened geopolitical tensions in the Middle East pushed precious metals sharply higher, with COMEX gold rising over 3% to $5,409.7 per ounce and silver gaining more than 4% to $97.3 per ounce, both marking fresh one-month highs. Investor sentiment turned defensive after coordinated U.S. and Israeli strikes on Iran over the weekend triggered a broad retaliatory response from Tehran. Iranian strikes reportedly targeted Israel, U.S. military assets, and strategic sites across Saudi Arabia, Qatar, the United Arab Emirates, Kuwait, and Bahrain.

Safe-haven demand had already been building on Friday after China and the United States issued evacuation advisories urging their citizens to leave Iran and Israel, reflecting growing concern over the expanding conflict.

— Kaynat Chainwala, AVP Commodity Research, Kotak Securities

Robust buying interest persists in the ₹1,58,000 to ₹1,62,000 demand band following the recent surge driven by Middle East tensions. A sustained hold above this base, followed by a breakout above ₹1,65,000, may revive momentum toward ₹1,70,000 to ₹1,75,000, preserving a bullish medium-term perspective.

— Ponmudi R, CEO at Enrich Money

MCX Gold futures are trading in the 1,65,000–1,70,000 range after consolidating post the sharp correction from all-time highs near 1,80,000–1,81,000. While price currently in short-term consolidation with a positive tilt, holding firm above critical support zones.

— Ponmudi R, CEO at Enrich Money

Strong buying interest is evident in the $85–$90 support zone. A sustained recovery above $100–$105 could reignite momentum toward $110–$115 and potentially retest previous highs. Medium- to long-term outlook remains constructive, amid favorable global cues from geopolitical developments and safe-haven buying, even with ongoing volatility.

Ponmudi R, CEO at Enrich Money

COMEX Silver is trading near $91–$96 after a strong recovery from recent lows. The broader bullish structure remains intact on higher timeframes. Prices have reclaimed major moving averages, signalling a transition from correction toward potential renewed strength.

— Ponmudi R, CEO at Enrich Money

Prices continue to hold firmly above the key moving averages in the resistance zone of the prior all-time high gradually edging higher, signaling strengthening momentum. Strong buying interest is visible in the $5,100–$5,200 support band. A sustained breakout above $5,500–$5,600 could open the path toward fresh record highs.

— Ponmudi R, CEO at Enrich Money

COMEX gold rate today is trading in the $5,300–$5,500 zone following consolidation in recent sessions. The price is in strong upward momentum following a gap up, with the broader uptrend remaining firmly intact.

— Ponmudi R, CEO at Enrich Money

The United States said Sunday it had destroyed the headquarters of Iran's powerful Revolutionary Guard force but also announced the first US fatalities in the war to overturn the Iranian government.

US Central Command, or CENTCOM, announced the Guard headquarters destruction in a statement on X accompanied by video of missiles blasting from a US Navy ship, then pulverizing an urban compound.

"America has the most powerful military on earth, and the IRGC no longer has a headquarters," CENTCOM said.

A new front has opened on Day 3 of the conflict between the US-Israel and Iran. Iran-backed group Hezbollah launched strikes in Israel on Monday in response to the killing of Supreme Leader Ayatollah Ali Khamenei.

Israel retaliated by striking Hezbollah targets across Lebanon, its defence forces said. Israel carried out air strikes on the Hezbollah-controlled southern suburbs of Beirut on Monday.

After a gap-up opening, the MCX silver rate today extended its morning gains and touched a new intraday high of ₹2,85,978 per kg, logging an intraday gain of arouond 3.75%.

The US President Donald Trump told the New York Times on Sunday that it “won’t be difficult” for the US and Israel to continue the bombardment, adding that America has a global weapons stockpile to keep up the strikes.

Trump said the US had sunk nine Iranian naval vessels and “largely destroyed” its naval headquarters, and that the military would continue bombing Iran until his objectives are met.

Courtesy: Bloomberg

The COMEX gold rate today is facing a hurdle at $5,400/oz. Breaking above this resistance, gold rates in India may touch ₹1,68,000 to ₹1,70,000 per 10 gm. Much will depend upon the longevity of the US-Iran war. If the war drags on like the Russia-Ukraine war, we may see gold rates in India approach its record high of ₹1,80,000 per 10 gm.

— Anuj Gupta, a SEBI-registered market expert

Following ingternational market, gold and silver prices in India opened with a big-upside gap. The MCX gold rate today opened at ₹1,65,501 per 10 gm and touched an intraday high of ₹1,67,915 per 10 gm, logging over ₹5,500 per 10 gm gain within a few minutes of the Opening Bell.

Likewise, the MCX silver rate today opened upside at ₹2,78,644 per kg and touched an intraday high of ₹2,84,490, logging an intraday high of around 3%.

The US–Israel strikes on Iran represent a significant geopolitical shock, raising the global oil risk premium and boosting demand for safe haven assets like gold and silver.

Precious metals are likely to stay supported as long as escalation risks remain. The conflict premium will ease only when there is clarity on leadership in Tehran, credible channels for de escalation, and assurance that vital oil routes such as the Strait of Hormuz remain open.

— Rajeev Sharan, Head – Criteria, Model Development & Research, Brickwork Ratings

The foreign minister of Oman, who mediated recent talks between Iran and the United States, said the "door to diplomacy remains open" even after the US and Israel launched a massive military campaign against the Islamic republic.

The US-Israeli strikes killed Iran's supreme leader Ayatollah Ali Khamenei, while Tehran has responded with salvos of missiles and drones targeting Israel and locations across the Gulf.

"I want to be very clear -- the door to diplomacy remains open," Omani Foreign Minister Badr Albusaidi said on X.

Courtesy: AFP