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Gold Demand Surges Globally as US-Iran Tensions, Weak Dollar, and Retail Buying Keep Precious Metals Strong
Gold prices moved sharply higher on Thursday morning. Prices rose fast and reached a new record on the MCX. Strong global signals, rising uncertainty, and steady demand pushed gold higher.
MCX gold February futures jumped by more than Rs. 11,850 in early trade. Prices rose over 7% in a single session. Gold touched a record level of Rs. 1,77,782 per 10 grams. The sharp rise showed strong buying interest across the market.
Gold and Silver Hit Fresh Record Highs
Silver prices also climbed strongly. MCX silver March futures gained more than Rs. 22,000. Prices jumped nearly 6% to hit a record high of Rs. 4,07,456 per kilogram. Both metals stayed firm as investors looked for safety during uncertain times.
Gold price today gained support after the US Federal Reserve policy announcement. The organization kept interest rates stable at 3.5% to 3.75%. The decision matched market expectations. Traders continued to expect rate cuts later this year.
Fed Decision and Weak Dollar Support Prices
The Fed decision did not shock markets, as traders had already priced it in. Still, the message helped gold prices. Lower interest rates reduce returns from bonds. Gold becomes more attractive in such conditions.
The dollar index fell by more than 0.30%. A weaker dollar supported gold prices further. Gold becomes cheaper for global buyers when the dollar weakens. This trend pushed international prices higher and lifted domestic rates.
Global gold prices also reached record levels. Gold moved close to $5,600 per troy ounce. Silver prices came near the $120 mark. Rising global tension added to safe-haven demand. Markets focused on the growing strain between the US and Iran. Strong statements from both sides increased worries of conflict.
Expert Views and Key Support Levels
Domestic demand also remained steady. Retail buying supported prices during the morning session. Currency movement and global cues guided trading throughout the day.
Manoj Kumar Jain of Prithvifinmart Commodity Research said safe-haven demand remained strong. He noted that the US Fed ruled out rate hikes for now. He added that inflation stays under control, though tariff-related pressure continues. These factors supported gold and silver prices.
Jain expects price swings to continue during the session. Dollar movement and US jobless claims data remain key triggers.
He suggested buying gold as long as prices hold above Rs. 1,64,400 on a closing basis. He sees targets of Rs. 1,70,000 and Rs. 1,75,000 per 10 grams. For silver, buying interest remains above Rs. 3,64,000 with targets of Rs. 4,00,000 and Rs. 4,10,000.
Rahul Kalantri of Mehta Equities also shared similar levels. He placed gold support near Rs. 1,63,050 and resistance around Rs. 1,70,850. Silver support stands near Rs. 3,80,810, with resistance close to Rs. 3,98,470.
Gold price today reflects strong demand, a weak dollar, and global uncertainty. Long-term buyers continue to watch steady buying options. Short-term traders stay cautious due to sharp moves at record levels.