The strike is expected to further diminish hopes for a diplomatic solution to Tehran’s long-running nuclear dispute with the West. The apparent strike happened near the offices of Iran’s Supreme Leader Ayatollah Ali Khamenei.
Domestic gold and silver prices declined on Friday in a lackluster trade. While April gold futures settled at Rs 1,61,971 on the MCX in the previous session, falling by Rs 133 or 0.08%, the May Silver futures closed at Rs 2,81,990, declining by Rs 654 or 0.23%.
The situation was starkly different on the COMEX where yellow metal prices closed with an uptick of 2% at $5,296.40 an ounce recording a single-day jump of $102.20. Silver prices soared nearly 8% or $6.83 an ounce to settle at $93.82, registering a sharper rally.
Commodity and currency expert Anuj Gupta expects a gap-up opening for gold and silver on Monday when trading resumes. Both bullion metals are looking positive due to the escalating geopolitical tension in Iran, he said, adding that the safe haven demand is expected to rise.
“Gold may test $5,300 to $5,350 levels while silver may climb between $95 and $98,” he opined.
Gupta said the MCX gold futures have risen by 8.32% or Rs 12,451 per 10 gram in February while extending year-to-date gains to Rs 26,700 or 20%. As for silver contracts on the MCX, the prices have fallen nearly 3% or Rs 9,300 in February, though the white metal has seen a surge of Rs 46,900 or 20% in 2026, he added.
Gold, silver trading strategy: What to do on Monday?
Gupta recommends traders to seize the opportunity as he suggests a buy on both gold and silver.
— Buy MCX gold at Rs 1,60,000-1,61,000 with a stop loss of Rs 1,58,000 and target of Rs 1,65,000.
— Buy MCX silver at Rs 2,78,000/2,80,000 with a stop loss of Rs 2,73,000 and target of Rs 2,90,000.
(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)
