Gold and silver prices rise due to Iran-Israel tension, know today’s price amid the conflict

Delhi. Gold and silver prices rose by nearly four percent in futures trade on Monday due to increased demand for safe investments amid increasing military tension in West Asia. Amidst this surge, silver reached Rs 2.93 lakh per kg while gold reached close to Rs 1.68 lakh per 10 grams. According to analysts, tension in the region has increased after the coordinated military attacks by America and Israel on Iran and the killing of Iran’s supreme leader Ayatollah Ali Khamenei.

In response, Iran has also started missile attacks on targets in many countries of West Asia. In this situation, investors stayed away from risky investments and turned towards gold and silver. On the Multi-Commodity Exchange (MCX), the futures price of silver for May delivery jumped by Rs 10,508, or 3.72 percent, to Rs 2,93,152 per kg. At the same time, gold for April contract increased by Rs 5,811 or 3.6 percent to reach Rs 1,67,915 per 10 grams.

Commodity analyst Manav Modi of Motilal Oswal Financial Services said that after increasing tension in West Asia, the rise in gold and silver futures increased further in the morning trade. In the global market too, a bullish trend was seen in the futures trading of precious metals. Comex silver futures for May delivery rose $4, or 4.3 percent, to $97.30 an ounce, while gold rose $161.8, or 3.08 percent, to $5,409.7 an ounce.

Jigar Trivedi, senior research analyst at IndusInd Securities, said, “These attacks have increased regional instability and affected maritime traffic in the oil-rich Gulf region. In such a situation, demand for safe haven investments increased, gold reached above $ 5,400 an ounce, which is the highest level in more than a month.” Trivedi said that in February, gold was successful in registering profit for the seventh consecutive month, which is the longest period of rise since 1973. The rise was due to geopolitical tensions, strong buying by central banks and investors moving away from government bonds and currencies.