International precious metal prices showed significant gains in early trading, with gold trading 0.21% higher at $4,738 per ounce and silver inching 1.11% up at $86.90 per ounce on Comex amid ongoing uncertainty over the Iran conflict. According to reports from Moneycontrol, the precious metal prices traded marginally higher despite a US-Iran setback, elevated oil prices, and a firmer dollar. The gains came as investor sentiment leaned toward diplomatic resolution between the US and Iran, despite ongoing tensions in the Strait of Hormuz.
In the domestic market, gold opened with an upside gap at ₹1,53,999 per 10 grams and touched an intraday high of ₹1,54,243 per 10 grams within minutes of the Opening Bell, logging an intraday gain of ₹580 per 10 grams. As reported by Live Mint, the MCX gold price extended the bull trend during early morning session on Tuesday, following global economic uncertainty amid the US-Iran war. The domestic futures price of gold showed substantial gains compared to international markets, reflecting increased safe-haven demand and strong investor sentiment toward precious metals.
Market experts attribute the gold price surge to increased safe-haven demand following the fresh escalation in the US-Iran war, with uncertainty gripping the global economy. According to Live Mint, Anuj Gupta from Master Capital Services expects the MCX gold rate to face immediate resistance at ₹1,55,000 per 10 gm, with potential to test ₹1,60,000 and ₹1,65,000 if it breaks through. In the international market, the COMEX gold rate may test the $4,750 and $4,800 per ounce levels if the yellow metal sustains above $4,680. The softer US dollar has increased gold's appeal for international buyers, while stable Treasury yields provide a favorable backdrop for non-yielding assets.
The precious metal's performance reflects persistent geopolitical instability in the Middle East and continued safe-haven demand, providing a solid floor for prices amid broader market uncertainty. As reported by Live Mint, Ravi Singh from Master Capital Services notes that the Relative Strength Index (RSI) has moved higher in tandem with price action but remains below overbought thresholds, leaving room for further appreciation. The technical positioning remains robust with prices holding firmly above the 153,000 level, confirming a strong "buy on dips" sentiment among market participants.
