“Gold Prices Jump ₹3,800 in 4 Days: Key Reasons Behind the Surge”: SRINAGAR: Gold and silver futures opened higher on Thursday, extending their winning streak for the fourth consecutive session, bolstered by escalating geopolitical tensions and a weakening US dollar, according to The Economic Times.
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Gold June futures contracts on the Multi Commodity Exchange (MCX) surged by Rs 635 or 0.66 per cent, opening at Rs 96,234 per 10 grams. The yellow metal has now rallied by Rs 3,800 across the last four sessions, driven largely by heightened safe-haven demand amid concerns over potential conflict in the Middle East and continued uncertainty in global financial markets.
Silver July futures also saw an uptick, opening higher by Rs 719 or 0.73 per cent at Rs 98,964 per kilogram. The white metal has gained consistently over the last three trading sessions.
On Wednesday, both metals closed on a strong note domestically. Gold settled at Rs 95,599 per 10 grams with a gain of 0.80 per cent, while silver closed at Rs 98,245 per kilogram with a 0.98 per cent rise.
According to The Economic Times, the rally follows media reports suggesting that Israel is preparing for possible strikes on Iranian nuclear facilities. The timing is particularly sensitive, with the United States currently engaged in nuclear deal negotiations with Iran. Analysts note that such developments have reinforced investor demand for precious metals, traditionally seen as safe-haven assets.
The global market reflected similar sentiments, with gold prices surpassing $3,300 per troy ounce and silver trading above $33 per troy ounce. A weakening US dollar has also supported the rally. The US Dollar Index (DXY) dipped below the 100 mark, hovering near 99.49 on Thursday, down 0.07 per cent.
Market experts anticipate continued volatility in precious metal prices throughout the week due to the fluctuating dollar index and persistent Middle East tensions. Support levels are expected to hold at $3,120 for gold and $31.40 for silver per troy ounce.kashmir life.