NEW DELHI — Gold prices climbed for a fifth consecutive session Tuesday as escalating tensions in the Middle East and rising energy prices pushed investors toward safe-haven assets.
In India, MCX gold April futures rose 2.53% to Rs 1,66,199 per 10 grams on Monday. MCX silver May futures, however, slipped 0.90% to Rs 2,80,090 per kilogram.
Trading on the Multi Commodity Exchange remained closed during the first half of Tuesday’s session due to the Holi holiday, with evening trading scheduled to resume at 5 p.m.
Globally, heightened conflict in West Asia raised concerns about potential supply disruptions and renewed inflation pressures in the United States, fueling speculation that the Federal Reserve could keep interest rates elevated for longer.
Spot gold gained 0.8% to $5,360 per ounce, while U.S. gold futures advanced about 1%. Spot silver rose roughly 1.9% to $91.11 per ounce.
The dollar index edged up 0.19% to 98.57, making dollar-denominated bullion more expensive for overseas buyers and limiting further gains in gold.
Geopolitical tensions intensified after U.S. President Donald Trump said military operations against Iran would continue “for as long as it takes.” Iran reportedly targeted oil and gas infrastructure in Saudi Arabia and threatened shipping through the Strait of Hormuz, a key global energy transit route. Israel also announced a “wave of strikes” aimed at Iran’s command centers.
Iran’s retaliatory actions against energy facilities have heightened fears of supply disruptions, pushing oil prices higher and adding to inflation concerns.
U.S. crude futures rose 1.4% to $72.23 per barrel, while Brent crude gained 1.87% to trade at $79.20 in early Tuesday trading.
Investors are closely watching upcoming U.S. economic data — including manufacturing and services PMI readings, ADP private payroll figures and unemployment data — for further signals on the Federal Reserve’s policy direction.
Gold has surged nearly 25% so far in 2026, after climbing 64% last year, supported by strong central bank buying, inflows into exchange-traded funds and concerns about the Federal Reserve’s independence. (Source: IANS)
