Intensifying military clashes between Israel and Iran have ignited a gold rush in Indian markets, with prices hitting record highs on Monday. The precious metal jumped over ₹8,300 per 10 grams, pushing 24-carat gold to ₹1,67,471, while silver prices soared by nearly ₹23,200 per kg to ₹2,89,848.
Data from the India Bullion and Jewellers Association reveals the full extent of the surge: 22-carat gold advanced from ₹1,45,733 to ₹1,53,403 per 10 grams, and 18-carat from ₹1,19,323 to ₹1,25,603. Silver’s ascent from ₹2,66,700 per kg marks one of the sharpest single-day gains in recent memory.
Futures trading echoed the spot market frenzy. MCX gold contracts for April 2026 gained 4.09% to settle at ₹1,68,740, with silver May 2026 futures up 4.49% at ₹2,95,336. Overseas, Comex spot gold reached $5,397/oz (up 2.78%), and silver $95.09/oz (up 1.90%).
The catalyst? Fears of an all-out Middle East conflagration. As Israel and Iran exchange fire, with potential US involvement, gold’s safe-haven appeal has never been stronger. ‘Geopolitical risks are paramount,’ said LKP Securities’ Jatin Trivedi. ‘Gold’s trajectory now depends on upcoming economic indicators. Holding above ₹1,64,000 support could see it test ₹1,72,000 resistance.’
This price explosion comes at a sensitive time for India’s wedding season and festival demands. Analysts predict sustained highs unless de-escalation occurs swiftly. Investors are advised to monitor developments closely, as precious metals continue to serve as a barometer for global instability.