Gold, Silver Prices Soar Amid US-Iran Tensions, SEBI Reforms

MCX gold April futures gained 0.43 per cent to Rs 1,60,399 per 10 grams around 12.30 am on an intra-day basis. Meanwhile, MCX silver March futures gained 3.05 per cent to Rs 2,67,600 per kg.

The US-Iran nuclear negotiations were extended without any clear progress, keeping geopolitical tensions elevated. The buildup of US troops led to both countries exchanging warnings. Meanwhile, Washington built pressure on Iran with fresh sanctions related to oil and weapons exports, raising safe haven demand for precious metals.

The dollar index eased 0.04 per cent to 97.76, making greenback-backed bullion cheaper for buyers in overseas currencies. However, the marginal ease came after significant gains that took the currency to four-week highs, capping gains in the yellow metal.

Further, expectations of imminent interest rate cuts in the US faded amid signs of resilience in the US economy.

Meanwhile, the capital markets regulator, the Securities and Exchange Board of India (SEBI), changed the framework for mutual funds to value physical gold and silver held in their exchange-traded funds (ETFs).

The move aims to align pricing with domestic market conditions, improve transparency, and standardise valuation practices across fund houses. The revised norms will come into effect from April 1, 2026.

MCX Gold futures are consolidating within the Rs 1,55,000-Rs 1,65,000 range after correcting from record highs near Rs 1,80,000-Rs 1,81,000, an analyst said, adding that the broader uptrend of yellow metal remains structurally intact, with the current sideways movement indicating a healthy pause rather than reversal.

Key structural support for MCX Silver is placed at Rs 2,25,000-Rs 2,35,000 levels and A sustained hold above this zone could pave the way toward Rs 3,00,000-Rs 3,25,000 in the medium term, he added.

- IANS