New Delhi, February 28: Escalating tensions between Israel and Iran are poised to trigger a sharp rally in gold and silver prices as investors flock to safe-haven assets. Market experts predict a strong opening for precious metals on Monday following Israel’s preemptive strikes on Iranian targets.
The attacks, which involved missile barrages leading to powerful explosions in Tehran, have heightened geopolitical risks across the Middle East. This uncertainty is driving capital towards gold and silver, traditionally viewed as bulwarks against turmoil.
‘Investors are bracing for prolonged conflict,’ said a leading commodities analyst. ‘With US-Iran frictions also simmering, we anticipate gold opening with significant gains.’
Internationally, gold futures are testing the $5,300 per ounce resistance level. A breakout could propel domestic prices to ₹1,68,000-₹1,70,000 for 10 grams. On the Multi Commodity Exchange (MCX), gold has already breached ₹1,60,000, stabilizing around ₹1,62,000.
Technical charts show bullish momentum as long as it holds above ₹1,60,000, potentially targeting ₹1,63,500-₹1,65,000 in the near term. Silver is also gaining traction, pushing towards ₹2,80,000-₹2,85,000 on MCX.
Experts warn that sustained upside could see silver climb to ₹2,90,000-₹2,95,000 if key support levels hold firm. Meanwhile, Israel Defense Forces issued nationwide alerts via sirens and mobile warnings, urging citizens to seek shelter.
As markets digest these developments over the weekend, the precious metals rally underscores the market’s aversion to risk amid rising war fears. Traders are advised to monitor geopolitical headlines closely for further volatility.