rose 1 per cent to $5,006 per ounce, jumped 3.8 per cent to $78.3 per ounce, and Brent crude climbed 5 per cent to $71.9 per barrel on Friday morning, as the collapse of US-Iran talks reignited military tensions and drove fresh safe-haven buying across commodity markets.
Brent crude touched its highest level since August 2025 at $71.8 per barrel. Nymex crude had settled positive for a second straight session in the previous day, closing above $66 for the first time since August 2025. The probability of a US strike on Iran has increased following the deployment of fighter jets and an aircraft carrier to the region, with bullish inventory data adding further support. Axis Securities expects prices to head toward $70 in the coming days.
On , crude oil futures held near ₹6,000, with immediate resistance seen at the ₹6,090–₹6,135 band. On USOIL, prices consolidated near the 66.40–66.70 zone after breaking above the prior 65.40 resistance level.
COMEX gold settled slightly higher in the previous session with a gain of 0.5 per cent, closing above $5,000. Minutes from the January FOMC meeting showed most policymakers believe disinflation could take longer than anticipated, with some officials indicating rates may need to remain restrictive for longer or even rise again if inflation stabilises above target. Jobless claims fell to 206,000, reinforcing resilient labour market conditions and prompting markets to scale back expectations for multiple rate cuts this year.
Gold’s gains on Friday were capped near the $5,000–$5,025 resistance zone on COMEX and ₹1,57,500–₹1,58,500 on MCX. Jateen Trivedi, VP Research Analyst at LKP Securities, noted, “…delayed rate cut expectations and profit booking at major zones limited upside momentum…volatility is likely to persist amid geopolitical headlines and Fed rate outlook cues.”
Hareesh V, Head of Commodity Research at Geojit Investments, said, “…persistent or escalating tensions are likely to keep risk-averse flows elevated, potentially supporting a further rise in gold and silver prices in the coming days,” adding that a stronger dollar and shifting rate expectations “may temporarily cap sharp gains.”
COMEX silver extended its winning streak for a second consecutive session, settling 1.7 per cent higher in the previous session, supported by Middle East tensions, stalled Russia-Ukraine diplomatic efforts, and better-than-expected US economic data. On Friday, silver outperformed with a 3.8 per cent gain to $78.3. MCX silver futures remained in the ₹2,30,000–₹2,50,000 range, well below record highs near ₹4,20,000.
Gaurav Garg, Research Analyst at Lemonn Markets Desk, described current price action as consolidation rather than a trend reversal, saying, “…downside is being cushioned by safe-haven demand and buying…investors are advised to stagger fresh positions and maintain disciplined risk management in choppy conditions.”
The previous session had already seen risk-off sentiment build, with Brent rising over 1 per cent and gaining approximately 0.3 per cent and 1 per cent, respectively, ahead of Friday’s sharper moves.
COMEX copper settled flat as profit booking near day highs and rising inventories on the LME, COMEX, and Shanghai exchanges weighed on the industrial metals complex. A recovery in the dollar index added further pressure. Advance GDP and Core PCE price index data due later in the session may keep copper prices volatile.