- Silver surged nearly 12% to Rs 3 lakh per kg in Delhi amid Middle East tensions
- Gold rose 4.92% to Rs 1,72,800 per 10 grams on safe-haven buying
- US and Israel strikes on Iran and death of Khamenei spooked global markets
Precious metal prices skyrocketed up to 12 per cent in the national capital on Monday, with silver surging to Rs 3 lakh per kilogram, while gold nearing Rs 1.73 lakh per 10 grams as investors flocked to safe-haven assets following an escalation of hostilities in the Middle East.
According to the All India Sarafa Association, the white metal surged by Rs 32,000, or 11.94 per cent, to Rs 3,00,000 per kg (inclusive of all taxes) from Friday's closing level of Rs 2,68,000 per kg.
In the bullion market, price of gold of 99.9 per cent purity climbed Rs 8,100, or 4.92 per cent, to Rs 1,72,800 per 10 grams (inclusive of all taxes). It had settled at Rs 1,64,700 per 10 grams in the previous market session.
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"Gold and silver prices witnessed a sharp surge on Monday, as rising geopolitical tensions in the Middle East triggered aggressive safe-haven buying.
"The escalation followed coordinated military strikes by the United States and Israel on Iran over the weekend, resulting in the death of Supreme Leader Ayatollah Ali Khamenei, rattling global financial markets and prompting a swift shift towards bullion," Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.
In the international market, spot gold gained USD 116.38, or 2.21 per cent to USD 5,394.28 per ounce, while silver was trading 1.43 per cent higher at USD 95.19 per ounce.
"Spot gold rallied more than 2 per cent on Monday, climbing around the USD 5,400 per ounce mark to reach its highest level in two months, as a sharp escalation in Middle East tensions fuelled strong safe-haven demand," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
Meanwhile, Iran launched retaliatory strikes targeting US military and strategic assets across several neighbouring countries, including the UAE, Bahrain, Kuwait, Qatar, Saudi Arabia, Jordan, Iraq, and Syria.
Gandhi said the widening geographic scope of the conflict has raised concerns about potential disruptions to regional stability, energy infrastructure, and key global trade routes.
"The escalation has triggered a broad risk-off move across global financial markets, with equities facing pressure and investors rotating capital towards traditional defensive assets such as gold," he added.
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said "the week ahead remains data-heavy for the US, with manufacturing and non-manufacturing PMI, ADP non-farm employment change and unemployment data lined up."
The data releases could inject further volatility into prices as participants reassess Federal Reserve's policy expectations, he added.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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