The attack is expected to further dampen hopes for a diplomatic solution to Tehran’s long-running nuclear dispute with the West. The apparent attack took place near the office of Iran’s Supreme Leader Ayatollah Ali Khamenei.
Domestic gold and silver prices fell in volatile trade on Friday. While April gold futures settled at Rs 1,61,971 on the MCX in the previous session, down by Rs 133 or 0.08%, May silver futures closed at Rs 2,81,990, down by Rs 654 or 0.23%.
The situation was completely different on the COMEX where the price of the yellow metal rose 2% to close at $5,296.40 an ounce, registering a one-day jump of $102.20. Gold rose nearly 8% or $6.83 an ounce to settle at $93.82, recording a sharp rally.
Commodity and currency expert Anuj Gupta expects an opening for gold and silver on Monday when trading resumes. Both bullion metals look positive due to rising geopolitical tensions in Iran, he said, adding that safe-haven demand is expected to increase.
“Gold may test $5,300 to $5,350 while silver may rise to between $95 and $98,” he said.
MCX gold futures rose 8.32% or Rs 12,451 per 10 grams in February while extending year-to-date gains to Rs 26,700 or 20%, Gupta said. As for silver contracts on the MCX, prices fell by nearly 3% or Rs 9,300 in February, though the white metal sees a rise of Rs 46,900 or 20% in 2026, he added.
Gold, Silver Trading Strategy: What To Do On Monday?
Gupta advises traders to take advantage of the opportunity as he recommends buying both red and white.
— Buy MCX Gold at Rs 1,60,000-1,61,000 with a stop loss of Rs 1,58,000 and a target of Rs 1,65,000.
— Buy MCX Silver at Rs 2,78,000/2,80,000 with a close of Rs 2,73,000 and a target of Rs 2,90,000.
((rejection: The recommendations, suggestions, opinions and views given by the experts are their own. (It does not represent the views of The Economic Times.)
