Silver, gold futures surge 4% as U.S.-Israel strikes on Iran trigger safe-haven rush
The Hindu
Silver and gold futures soar 4% as U.S.-Israel strikes on Iran ignite safe-haven demand amid regional instability.
Precious metal prices jumped 4% in futures trade on Monday, with silver surging to ₹2.93 lakh per kilogram and gold climbing to near ₹1.68 lakh per 10 grams, tracking strong demand in the international markets.
Analysts said investors rushed to safe-haven assets after the U.S. and Israel launched coordinated military strikes on Iran, killing Supreme Leader Ayatollah Ali Khamenei and triggering retaliatory attacks from Tehran across the Middle East.
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On the Multi Commodity Exchange, silver futures for May delivery soared ₹10,508, or 3.72%, to ₹2,93,152 per kg, while gold for the April contract jumped ₹5,811, or 3.6%, to ₹1,67,915 per 10 grams.
Rally in bullion futures accelerated in early morning trade, with prices jumping over 3% after the U.S. and Israel launched major strikes on Iran that killed Khamenei, marking an unprecedented escalation in the region, Manav Modi, Commodities Analyst, Motilal Oswal Financial Services Ltd, said.
Globally, Comex silver futures for May delivery gained $4, or 4.3%, to $97.30 per ounce, while gold rose $161.8, or 3.08%, to $5,409.7 per ounce.
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