Gold and silver prices are predicted to start significantly higher on Monday due to escalating tensions between Israel and Iran, leading investors to seek safe-haven assets. The uncertainty following Israel’s “preventive” strikes on Iran is likely to drive up the prices of gold and silver as investors seek security. Tehran experienced massive explosions after Israel’s missile strikes, intensifying tensions in the region.
Analysts anticipate that the increasing war rhetoric will create uncertainty in financial markets. Experts suggest that the US-Iran war buzz will prompt investors to turn to gold and silver as safe-haven investments, resulting in a gap-up opening for precious metals. COMEX gold is currently encountering resistance at $5,300 per ounce, with a potential climb in domestic gold prices to Rs 1,68,000 to Rs 1,70,000 per 10 grams if the metal surpasses this level.
MCX Gold has surpassed the Rs 1,60,000 mark after breaking out of a previous consolidation range, stabilizing near Rs 1,62,000. Analysts believe that as long as gold remains above Rs 1,60,000, it could move towards Rs 1,63,500 to Rs 1,65,000 in the short term. Similarly, MCX Silver has shown a strong breakout, moving towards the Rs 2,80,000 to Rs 2,85,000 range. If the momentum continues and prices stay above key support levels, silver could extend gains to Rs 2,90,000 to Rs 2,95,000.
Earlier in the day, the Israel Defence Forces (IDF) reported that sirens were activated across Israel, with alerts advising people to stay close to protected spaces.
