Gold and silver traders could see a sharp rally at the start of the week after Israel launched a pre-emptive strike on Iran over the weekend, reportedly with US backing. The escalation has heightened geopolitical tensions in the Middle East, driving fresh safe-haven demand for bullion.
The strike, which reportedly occurred near the offices of Iran’s Supreme Leader Ayatollah Ali Khamenei, has further dampened hopes of a diplomatic resolution to Tehran’s long-running nuclear standoff with the West.
Bullion Set for Strong Opening
While domestic bullion markets closed Friday on a muted note, global cues turned sharply bullish.
MCX April Gold Futures settled at Rs 1,61,971 per 10 gram, down Rs 133 (0.08%).
MCX May Silver Futures closed at Rs 2,81,990, down Rs 654 (0.23%).
However, on COMEX:
Gold surged 2% to settle at $5,296.40 per ounce, gaining $102.20 in a single session.
Silver jumped nearly 8% to $93.82 per ounce, rising $6.83.
Commodity and currency expert Anuj Gupta expects a gap-up opening for both metals when Indian markets reopen on Monday, citing rising geopolitical risks and renewed safe-haven demand.
According to Gupta:
Gold could test $5,300–$5,350 levels globally.
Silver may climb toward $95–$98 per ounce.
Monthly and YTD Performance
Gold has been on a strong run this year. On the MCX:
Gold futures have gained 8.32% in February ( Rs 12,451 per 10 gram).
Year-to-date gains stand at around Rs 26,700 (20%).
Silver, meanwhile:
Fell nearly 3% in February ( Rs 9,300 decline).
But has rallied Rs 46,900 (20%) in 2026 so far.
Trading Strategy for Monday
Gupta advises traders to use the anticipated gap-up opening as a buying opportunity.
Gold Strategy (MCX):
Buy between Rs 1,60,000– Rs 1,61,000
Stop loss: Rs 1,58,000
Target: Rs 1,65,000
Silver Strategy (MCX):
Buy between Rs 2,78,000– Rs 2,80,000
Stop loss: Rs 2,73,000
Target: Rs 2,90,000
With tensions flaring in the Middle East and safe-haven flows picking up globally, bullion could see heightened volatility in the coming sessions.
Disclaimer: The views and recommendations mentioned are those of the expert and not of the publication.
