New Delhi, Feb 28 || Gold and silver prices are expected to open sharply higher on Monday as escalating tensions between Israel and Iran push investors towards safe-haven assets, market experts said on Saturday.
Experts believed that rising uncertainty following Israel’s “preventive” strikes on Iran could drive investors towards gold and silver, boosting prices further.
Tehran was rocked by massive explosions on Saturday after Israel launched what it described as “preventive” missile strikes against Iran, dramatically escalating tensions in the region.
Against this backdrop, analysts said the rising war buzz is expected to fuel uncertainty in financial markets.
“The escalation in the US-Iran war buzz is expected to fuel uncertainty, and investors are expected to look at gold and silver as a safe-haven asset. We expect a gap-up opening for precious metals,” an expert stated.
They noted that COMEX gold is currently facing resistance at $5,300 per ounce. “If the metal breaks above this level, domestic gold prices could climb to Rs 1,68,000 to Rs 1,70,000 per 10 grams,” a market expert explained.
On the technical front, MCX Gold has moved decisively above the Rs 1,60,000 mark after breaking out of a previous consolidation range.