Gold and silver prices are anticipated to open significantly higher on Monday due to increasing tensions between Israel and Iran, which are driving investors towards safe-haven assets, according to market experts on Saturday.
Israel-US-Iran conflict is pushing gold and silver prices higher as investors flock to safe-haven assets (Reuters) The circumstances intensified following Israel’s initiation of preemptive missile strikes on Iran, which resulted in explosions in Tehran and heightened concerns of a wider conflict. Experts indicate that this unpredictability is driving investors towards safe-haven assets such as gold and silver.
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Will gold and silver prices touch $6,000 and $200 respectively soon? Prices have surged in reaction to both geopolitical threats and global economic influences, including U.S. inflation statistics and increasing gold imports from China. As gold approaches $5,300 and silver nears $93, market participants are keenly observing whether these metals might attain $6,000 and $200, respectively.
Market analysts warn that although increases are feasible, achieving $6,000 for gold or $200 for silver will necessitate persistent demand and continuous global instability.
According to Vandana Bharti, the Assistant Vice President of Commodity Research at SMC Global Securities, it is anticipated that MCX futures for gold may reach ₹1.70 lakh for every 10 grams of 24-carat purity, while silver could rise to ₹3 lakh in the near term, Money Control reported.
On Comex, the spot price of silver increased by 7.85 percent, reaching 93.8
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