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.
opened higher at ₹1,65,501 per 10 grams as against its previous close of ₹1,62,104 level. opened higher at ₹2,82,644 per kilogram 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 futures rose 1.8% to $5,342.80 per ounce. prices jumped as much as 2.8% to $96.4 an ounce before giving back gains.
on Tehran, and Iran responded with additional missile barrages, a day after the killing of — 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.
(More to come)