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The Economic Times

MCX gold jumps Rs 1,000/10g and silver rises Rs 3,109/kg as Iran diplomacy hopes lift safe-haven demand

AI Market Summary
Middle East escalation risk rose after Yemen's Houthis threatened a naval blockade near the Bab el-Mandeb chokepoint, amplifying energy-supply and inflation concerns. Although potential U.S.-Iran diplomatic engagement tempered oil's move, risk-off positioning lifted safe-haven demand, pushing gold and silver higher in both MCX and international markets. The mix of geopolitical tail risk and rates debate keeps precious metals supported near term.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT+1.05%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▲ Bullish
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Yemen’s Houthis threatened to impose a naval blockade on Saudi Arabia, saying it could disrupt the Bab elMandeb Strait, a key global oil-shipping route. The escalation in the Middle East pushed crude to a monthly high, stoking inflation worries and boosting demand for safe-haven assets. Gold and silver climbed in both MCX and overseas markets, with MCX gold futures up Rs 1,000 per 10 grams and MCX silver futures up Rs 3,109 per kg, while spot prices also strengthened.
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