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.
Prices are now stabilising near Rs 1,62,000. Analysts believe that as long as gold sustains above Rs 1,60,000, it may move towards Rs 1,63,500 to Rs 1,65,000 in the near term.
MCX Silver has also witnessed a strong breakout, accelerating towards the Rs 2,80,000 to Rs 2,85,000 range.
“If momentum continues and prices hold above key support levels, silver could extend gains towards Rs 2,90,000 to Rs 2,95,000,” an expert noted.
Meanwhile, earlier in the day, the Israel Defence Forces (IDF) said in a social media post on X that sirens were sounded throughout Israel, with an advance instruction alert directly to cellular devices to stay within proximity to protected spaces. (IANS)
