- Gold prices on MCX surged past Rs 1.5 lakh due to rising global bullion demand
- June gold futures rose 1.46% to Rs 1,49,886 per 10 grams amid long buildup
- Silver May futures climbed 2.13% to Rs 2,33,700 per kg with strong trading volumes
Gold prices on the Multi Commodity Exchange (MCX) surged past the Rs 1.5 lakh mark on Monday, tracking a sharp rally in global bullion markets, as escalating geopolitical tensions in the Middle East supported safe-haven demand.
The June gold futures contract on MCX rose 1.46% to trade at Rs 1,49,886 per 10 grams as of 18:36 hours IST, after hitting an intraday high of Rs 1,49,886 and a low of Rs 1,44,212. Market data indicated a long buildup, with open interest rising alongside prices, signalling fresh buying interest.
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Silver prices also witnessed strong momentum. The May futures contract climbed 2.13% to Rs 2,33,700 per kg on MCX at 18:36 hours IST, with robust trading volumes supporting the uptrend.
The rally in domestic bullion mirrored gains in international markets. US spot gold was trading at $4,561.83 per ounce, up 1.53%, while spot silverrose 2.06% to $71.21 per ounce at around 18:38–18:39 hours IST.
The upside in precious metals comes amid the latest escalation in the Iran conflict. Media reports indicate that Tehran has rejected a proposed truce deal, dampening hopes of de-escalation. Adding to market jitters, US President Donald Trump reportedly threatened strikes on energy infrastructure, including oil wells and power plants.
The intensifying crisis has heightened uncertainty across global markets, pushing investors toward traditional safe-haven assets such as gold and silver.
Also Read: Trump Again Warns Iran: 'Will Blow Up Electric Plants, Oil Wells, Kharg If Hormuz Stays Shut'
Analysts say continued geopolitical instability, coupled with volatility in energy markets, could keep bullion prices elevated in the near term. Traders will closely monitor further developments in the Middle East, along with movements in the US dollar and bond yields, for directional cues.
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