New Delhi: The escalating Israel-Iran conflict has sent shockwaves through global markets, triggering a massive rally in gold and silver prices on Monday. Gold prices skyrocketed by more than ₹8,000 per 10 grams, while silver jumped nearly ₹23,000 per kilogram, as investors rushed to safe-haven assets amid fears of a broader Middle East war.
According to the India Bullion and Jewellers Association (IBJA), 24-carat gold surged from ₹1,59,097 to ₹1,67,471 per 10 grams – a staggering ₹8,374 increase. 22-carat gold followed suit, climbing from ₹1,45,733 to ₹1,53,403 per 10 grams. Even 18-carat gold saw a sharp rise, moving from ₹1,19,323 to ₹1,25,603 per 10 grams.
Silver prices were no less dramatic, with rates leaping ₹23,148 to ₹2,89,848 per kilogram from the previous ₹2,66,700. This surge reflects heightened geopolitical tensions that have investors worldwide seeking refuge in precious metals.
The momentum extended to futures markets as well. On the Multi Commodity Exchange (MCX), gold for April 2026 contracts rose 4.09% to ₹1,68,740, while silver for May 2026 climbed 4.49% to ₹2,95,336. Internationally, Comex gold traded at $5,397 per ounce (up 2.78%), and silver hit $95.09 per ounce (up 1.90%).
Experts attribute this rally squarely to the Israel-Iran hostilities, which threaten to engulf the entire Middle East. Jatin Trivedi of LKP Securities noted, ‘The conflict involving the US, Israel, and Iran is driving gold higher. Future movements will hinge on global economic data.’ He added that if gold holds above the key support of ₹1,64,000, upward momentum could persist, with resistance at ₹1,72,000.
As tensions simmer, market watchers warn of further volatility. For Indian consumers, this means significantly higher costs for jewelry and investments, underscoring gold’s enduring role as a hedge against uncertainty in turbulent times.