NEW DELHI, March 5: Gold and silver prices surged on Thursday as escalating conflict in the Middle East pushed investors toward safe-haven assets and heightened inflation concerns.
MCX gold April futures rose 0.31% to Rs 1,62,018 per 10 grams, while MCX silver May futures gained 1.50% to Rs 2,69,551 per kg.
Spot gold climbed 0.8% to $5,176.69 per ounce, and silver rose 1.2% to $84.43 per ounce.
Rising oil prices, disrupted energy supply routes through the Strait of Hormuz, and US dollar weakness fueled the rally.
Analysts predict gold could reach $5,500–$5,600 and silver $100 if tensions persist.
Crude prices also surged, with Brent at $83.26 per barrel and WTI at $76.63.
Strong energy costs and inflation concerns may delay US Fed rate cuts, supporting Treasury yields and capping precious metal gains. (IANS)
