Gold prices rallied sharply on Monday, tracking strength in global bullion markets as geopolitical tensions in the Middle East intensified. Escalating conflict between the US, Israel and Iran has heightened economic uncertainty, prompting investors to shift toward safe-haven assets.
On the Multi Commodity Exchange (MCX) gold for April delivery rose 2.86% to Rs. 1,66,741 per 10 grams compared to its previous close of Rs. 1,62,104. Silver futures for May delivery also increased 3.71% to Rs. 2,93,152.
The price of 24K gold decreased by Rs. 329 in early trade, with ten grams of the precious metal trading at Rs. 1,69,800.
The price of 22K gold also declined by Rs. 300, with ten grams of the yellow metal selling at Rs. 1,55,650.
The price of ten grams of 24K gold stood at Rs. 1,69,800 in Mumbai and Kolkata and Rs. 1,70,840 in Chennai. In Delhi, the price of ten grams of 24K gold stood at Rs. 1,69,950.
In the global market, spot gold advanced 1% to $5,329.39 per ounce after touching a four-week high. The US gold futures rose 1.8% to $5,342.80 per ounce. Silver prices jumped as much as 2.8% to $96.4 per ounce before trimming some gains.
The renewed surge in bullion prices comes as military developments in the Middle East continue to fuel concerns about disruptions to the supply chain, potential instability in the energy market, and broader and more intense macroeconomic risks.
Gold has now logged its seventh consecutive monthly gain, marking the longest winning streak since 1973. The ongoing rally builds on a 64% surge recorded in 2025.
Analysts attribute this performance to persistent central bank purchases, strong inflows into gold-backed exchange-traded funds (ETFs), and expectations of monetary policy easing in the United States.
The shift away from sovereign bonds and major global currencies has further strengthened gold’s appeal as a portfolio hedge.
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Analysts suggest MCX gold for April futures could test the Rs. 1,64,000 level in the near term, while Rs. 1,60,000 is expected to act as a strong support floor on declines.
For silver, prices are likely to stay elevated, with Rs. 2,84,000 per kilogram identified as an immediate resistance zone. Continued geopolitical tensions and global uncertainty may keep precious metals supported in the short term.