Gold prices continued their upward momentum for the fourth consecutive session, gaining Rs 3,800 amid global economic uncertainty and a weakening dollar index.
On the Multi Commodity Exchange (MCX), June futures opened higher by Rs 635 or 0.66%, reaching Rs 96,234 per 10 grams. The surge was largely driven by safe-haven buying amid escalating geopolitical tensions in the Middle East and a declining dollar.
Silver prices also showed strength, with July futures opening higher by Rs 719 or 0.73%, reaching Rs 98,964 per kilogram. In the international market, both gold and silver posted gains following reports of heightened geopolitical risks.
Market experts suggest that continued volatility in the dollar index and potential Middle East conflicts may push gold prices higher in the coming weeks. Analysts have pegged support levels for gold at Rs 95,100–94,650, with resistance at Rs 96,000–96,650.
Meanwhile, financial expert and author Robert Kiyosaki reaffirmed his bullish stance, predicting gold prices could rise to $25,000 in the long run, citing concerns over hyperinflation and economic instability.
With investors closely monitoring global developments, the precious metals market remains on edge, awaiting further cues from geopolitical and economic trends.
