Just over a week ago, gold and silver prices were gradually cooling off as the US and Iran maintained regular dialogue over Tehran’s nuclear programme, easing geopolitical anxieties. But the calm was shattered on Sunday when Israel, alongside the US, launched a barrage of missiles on Iran, killing its Supreme Leader Ayatollah Ali Khamenei and reigniting deep uncertainty across the region.
The two precious metals have enjoyed a remarkable run over the past year and a half. In 2025 alone, silver surged an astonishing 170%, while gold climbed 60%. The rally extended into 2026, with silver galloping to a record high of $121 and gold soaring to $5,594. However, a strengthening dollar, profit booking and easing geopolitical concerns triggered a sharp correction, culminating in a dramatic 27% plunge in silver in a single day on January 31.
Now, with tensions escalating again in the Middle East, the assassination of Iran’s top political leader in air strikes, and fears of a potential closure of the Strait of Hormuz driving crude prices higher, risk sentiment in equities has been rattled. Investors are once again seeking shelter in safe-haven assets such as gold and silver. The renewed turmoil brings back the same pressing question: what should investors do now?
Ponmudi R, CEO of Enrich Money, said Comex gold is trading in the $5,300–$5,500 zone following consolidation in recent sessions. The price is in strong upward momentum following a gap up, with the broader uptrend remaining firmly intact. Prices continue to hold above the key moving averages near the prior all-time high, gradually edging higher, signalling strengthening momentum. Strong buying interest is visible in the $5,100–$5,200 support band. A sustained breakout above $5,500–$5,600 could open the path towards fresh record highs.
For silver, he said the white metal is trading near $91–$96 after a strong recovery from recent lows. The broader bullish structure remains intact on higher timeframes. Prices have reclaimed major moving averages, signalling a transition from correction towards potential renewed strength. Strong buying interest is evident in the $85–$90 support zone.
A sustained recovery above $100–$105 could reignite
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