US-Iran War: Silver prices moved sharply on Monday as geopolitical tensions escalated after the United States and Israel carried out extensive military strikes on Iran, reportedly killing Supreme Leader Ayatollah Ali Khamenei. The development triggered fresh uncertainty across global financial markets and drove volatility in commodities.
The conflict intensified over the weekend after coordinated strikes by the US and Israel targeted multiple locations in Iran. Tehran responded with missile attacks aimed at Israel as well as US military installations and strategic sites in Qatar, the United Arab Emirates, Kuwait and Bahrain, widening fears of a broader regional confrontation.
On MCX, Silver price added 3.5% to ₹2,84,490 per kg while MCX gold rate rallied 3.5% to ₹1,67,915 per 10 grams.
In the international markets, spot slipped 1.2% to $92.72 per ounce, even after logging a monthly gain in February. The metal had initially drawn safe-haven interest but later pared gains amid a stronger US dollar.
Gold, however, extended its rally. Spot gold climbed 1% to $5,329.39 per ounce as of 0201 GMT, after touching its highest level in more than four weeks. During early trade, bullion surged as much as 2 percent. US gold futures gained 1.8 percent to $5,342.80 per ounce, reflecting robust demand for safety amid rising geopolitical uncertainty.
Other precious metals witnessed mixed moves. Spot platinum declined nearly 1% to $2,343.50 per ounce, while palladium advanced 0.5% to $1,795.11 per ounce.
more to come….