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Gold & Silver Hit Record Highs Amid Iran Tensions & Dollar Weakness

Gold and silver prices soared to record highs on Friday, driven by a weakening US dollar and escalating geopolitical tensions following US threats of intervention in Iran. On the MCX, gold and silver futures saw significant gains, while international markets also traded near historic levels. Analysts attribute the bullish outlook to steady central-bank buying and expectations of accommodative global liquidity. A report notes silver has dramatically outperformed gold, surging over 200% in the past year, which may lead to a phase of consolidation.

Key Points: Gold, Silver Prices Surge to New Highs Amid Global Uncertainty

  • MCX gold futures rise 1.23%
  • Silver futures surge 2.63%
  • US-Iran tensions drive safe-haven demand
  • Silver outperforms gold with 200% rally
  • Analysts see support and resistance zones
2 min read

Gold, silver prices continue to touch new highs amid global uncertainty

Gold and silver prices reach record highs as the US dollar weakens and US-Iran tensions escalate. Get the latest MCX and COMEX price analysis.

"The broader outlook remains firmly bullish due to steady central-bank accumulation - Analyst"

New Delhi, Jan 23

Gold and silver prices surged to record highs on Friday, as the US dollar weakened and geopolitical tensions surged over threats of US intervention in Iran.

MCX gold February futures rose 1.23 per cent to Rs 1,58,261 per 10 grams around 11.25 am. Meanwhile MCX silver March futures rose 2.63 per cent to Rs 3,35,900 per kg.

International markets also saw gold trading near historic highs, holding firm around the $4,951 zone after marking a fresh record at $4,967.

The prior resistance band of $4,900-$4,940 turned into a support zone, an analyst said, adding, the broader outlook remains firmly bullish due to steady central-bank accumulation and expectations of accommodative global liquidity.

COMEX silver surged to fresh all-time highs near $98.92 and consolidated around $98.30-$98.70 after mild profit booking.

US President Donald Trump said that the United States has an "armada" heading toward Iran but hoped he would not have to use it. Trump reiterated his warnings to Tehran against restarting its nuclear programme.

US' aircraft carrier USS Abraham Lincoln and several guided-missile destroyers will arrive in the Middle East in the coming days, according to reports, citing sources.

The precious metals rebounded in the previous session amid signals that some European nations may reduce exposure to US Treasuries.

"Gold has support at Rs 1,54,650-Rs 1,52,310 zone while resistance at Rs 1,58,850- Rs 1,60,150. Silver has support at Rs 3,20,810 to Rs 3,10,170 zone while resistance at Rs 3,31,810 to Rs 3,37,470 zone," said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

A new report from Motilal Oswal Financial Services Ltd. (MOFSL) said silver's exceptional rally of over 200 per cent in the last 12 months, sharply outperforming gold's 80 per cent surge has created a condition in favour of yellow metal in near term.

Silver's sharp surge from Rs 60,000 to Rs 3,20,000 could lead to a phase of consolidation at elevated levels or rebalancing by market participants becomes more likely, it forecasted.

- IANS

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Reader Comments

S
Sarah B
The silver rally is insane! From 60k to over 3.2 lakh per kg? That's a 200% jump. I bought some silver coins last year for my niece's birthday, and they've appreciated more than my mutual fund SIP. Maybe it's time to rebalance the portfolio.
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Arjun K
All this global tension and US-Iran sabre-rattling is directly hitting our pockets. When will we learn? Every time there's instability abroad, commodity prices shoot up here. The common man suffers while a few make profits. The government should think about stabilizing measures.
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Priya S
Wedding season is coming up. These prices are a nightmare for middle-class families like mine. How are we supposed to manage the jewellery expenses? 😥 The article says silver might consolidate, so maybe we should wait a bit before buying.
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Vikram M
Respectfully, while the analysis is good, it focuses too much on short-term zones and resistance. For the average Indian investor, the lesson is about long-term asset allocation. Don't chase prices now. Use systematic plans for gold funds or sovereign gold bonds over time.
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Karthik V
The part about European nations reducing exposure to US Treasuries is key. It shows a bigger shift in global trust. Gold is becoming the default safe haven again. Smart move by RBI to keep increasing our gold reserves. 🇮🇳

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