NEW DELHI, India — Gold and silver prices climbed to new record highs on Friday, supported by a weaker U.S. dollar and rising geopolitical tensions following renewed concerns over potential U.S. intervention in Iran.
On the Multi Commodity Exchange, gold futures for February rose 1.23 percent to Rs 1,58,261 per 10 grams around 11:25 a.m., while silver futures for March jumped 2.63 percent to Rs 3,35,900 per kg.
Internationally, gold hovered near historic highs, trading around the $4,951 level after touching a fresh record of $4,967 earlier in the session. Analysts noted that the earlier resistance range of $4,900–$4,940 has now turned into a support zone, with the broader outlook remaining firmly bullish amid sustained central bank buying and expectations of accommodative global liquidity.
COMEX silver also surged to new all-time highs near $98.92 before consolidating in the $98.30–$98.70 range following mild profit booking.
Market sentiment was further influenced by escalating geopolitical risks. U.S. President Donald Trump said the United States has an “armada” heading toward Iran, while expressing hope that military action would not be required. He reiterated warnings to Tehran against restarting its nuclear program. Reports indicated that the aircraft carrier USS Abraham Lincoln and several guided-missile destroyers are expected to arrive in the Middle East in the coming days.
Precious metals had already rebounded in the previous session after indications that some European countries may reduce their exposure to U.S. Treasuries.
“Gold has support at Rs 1,54,650-Rs 1,52,310 zone while resistance at Rs 1,58,850- Rs 1,60,150. Silver has support at Rs 3,20,810 to Rs 3,10,170 zone while resistance at Rs 3,31,810 to Rs 3,37,470 zone,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.
According to a report by Motilal Oswal Financial Services Ltd., silver’s sharp rally of more than 200 percent over the past 12 months, compared with an 80 percent rise in gold, has created conditions favoring the yellow metal in the near term. The report added that silver’s steep climb from around Rs 60,000 to Rs 3,20,000 may lead to a period of consolidation at elevated levels or trigger portfolio rebalancing by market participants. (Source: IANS)
