Precious metals extended their gains for a second straight session on Monday, 30 March, supported by renewed safe-haven demand amid ongoing tensions in the Middle East. However, both gold and silver remain on track to post monthly losses.
May silver futures on COMEX gained $2.21 to hit an intraday high of $74 per troy ounce, extending their winning streak to a second day. Despite the recent recovery, the white metal is down a sharp 24% so far in March, and if it closes lower — which appears likely — it will mark its first monthly decline since April 2025.
April on COMEX also extended their gains, rising $119 to an intraday high of $4,611 per troy ounce. However, bullion has fallen 13% so far this month and, with just one trading session left, is heading for its first monthly decline since December 2024.
The US-Israel war with Iran has entered its fifth week, with leaders showing little willingness to de-escalate, and the impact of the conflict is becoming increasingly visible across nations, especially in Asia, where countries are grappling with elevated crude oil prices.
US President Donald Trump on Monday said he could likely reach a deal to but also warned of potential attacks on Iran’s energy infrastructure, including the key Kharg Island terminal.
“If a deal is not reached shortly and if the Strait of Hormuz is not immediately ‘open for business,’ we will conclude our ‘stay’ in Iran by blowing up and completely obliterating all of their electric generating plants, oil wells, and Kharg Island,” he said in a post.
Earlier, Trump had issued a 48-hour ultimatum to Iran to reopen the Strait of Hormuz, which was later extended to five and then 10 days, citing ongoing negotiations. However, Tehran publicly dismissed direct talks with the US and instead proposed its own five-point plan to end the conflict, rejecting Trump’s reported 15-point ceasefire proposal.
Meanwhile, Tehran struck a key water and electricity facility in Kuwait, while an oil refinery in Israel also came under attack. Israel and the US launched a fresh wave of strikes on Iran as the conflict continued with no clear end in sight, the Associated Press reported.
During Trump’s second term, the US has twice launched attacks on Iran during periods of high-level diplomatic engagement, including the 28 February strikes that triggered the current conflict.
MCX gold jumps ₹5,600 per 10g; silver reclaims ₹2.33 lakh per kg
In the domestic market, April gold futures on MCX jumped ₹5,600 per 10 grams to hit an intraday high of ₹1,49,886, extending gains for the second straight session. Despite the late recovery, prices are on track for their first monthly decline since November 2024, down about 9% so far this month. However, year-to-date returns remain positive at 9.16%.
kilogram to reach an intraday high of ₹2,33,700. The white metal is on track for its first monthly decline since April 2025.
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