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Gold price trades near its all-time high amid safe-haven demand driven mainly by the Middle East conflict. Spot gold was trading at $5,387.10 per ounce after touching an intraday high of $5,417.34, which is a new record, in the early session. Intraday gains range between 1.76-2.5%. Meanwhile, spot silver was at $95.19 per ounce, hitting a high of $96.40 before moving back.
The price of 24K gold decreased by Rs. 49 in early trade, with ten grams of the precious metal trading at Rs. 1,70,020.
The price of 22K gold also declined by Rs. 45, with ten grams of the yellow metal selling at Rs. 1,55,850.
The price of ten grams of 24K gold stood at Rs. 1,70,020 in Mumbai and Kolkata and Rs. 1,70,730 in Chennai. In Delhi, the price of ten grams of 24K gold stood at Rs. 1,70,170.
The surge in bullion prices comes amid escalating tensions in the Middle East. US President Donald Trump reiterated that military operations against Iran would continue as long as necessary.
In response, Tehran has reportedly targeted energy infrastructure and signaled potential disruptions to maritime routes.
The spike in crude oil prices following these developments has reignited inflation concerns across the world. Higher energy costs could feed into broader price pressures, complicating the outlook for central banks, particularly the US Federal Reserve.
According to a Bloomberg report, traders increasingly anticipate that any potential US rate cut may be delayed until September. While elevated interest rates typically weigh on non-yielding assets like gold, prolonged economic uncertainty often strengthens its appeal as a store of value.
Also Read: Will Gold Lose Its Safe Haven Crown? A Closer Look at the 2025-2026 Volatility
As long as gold trades above $5,200, the momentum favors a move toward $5,450-$5,600 in the near term.
Dips are likely to attract strategic buying rather than aggressive selling. Silver is benefiting from both monetary and industrial tailwinds.
After breaking above $95, silver has opened the path toward the $100-105 levels. It could outperform gold in this phase of the rally.
Volatility is expected to rise in the coming sessions. Gold could test Rs. 1,71,000 per 10 grams, while Silver may move toward Rs. 3,00,000 per kg. However, any progress regarding the ceasefire could ignite sharp profit booking.
