Gold price today: MCX gold rate jumps above ₹1 lakh per 10 grams on Israel-Iran conflict; crude oil prices up 6%

Gold prices on MCX opened higher on Friday, tracking gains in international bullion prices as rising geopolitical conflict in the Middle East increased safe-haven bets for the yellow metal. Silver prices also extended gains.

MCX gold rate opened higher by ₹1,108, or 1.12%, at ₹99,500 per 10 grams as against its previous close of ₹98,392. The price jumped to a high of ₹100,403 level. 

MCX silver prices opened higher by ₹565, or 0.53%, at ₹1,06,450 per kg as compared to its previous close of 1,05,885. Silver spiked to a high of ₹1,06,748 per kg level.

At 9:50 AM, MCX gold rate was trading higher by 1.87% at ₹1,00,233 per 10 grams, while MCX silver price was up 0.62% at ₹1,06,545 per kg.

In the international markets, gold prices climbed to their highest point in more than a month, on track for a weekly gain, after Israel’s strike on Iran heightened Middle East tensions.

Spot gold price rallied 1.3% to $3,428.28 an ounce, after hitting its highest level since May 7 earlier in the session. Bullion has gained more than 3.5% so far this week. US gold futures gained 1.4% to $3,449.60.

Geopolitical tensions escalated after Israel launched airstrikes on Iran, targeting key nuclear and military sites, amid efforts to halt Iran’s production of atomic bomb materials.

“Investors sought safety amid escalating geopolitical tensions and economic uncertainty. Safe-haven demand was further boosted by growing uncertainty over US trade policy. President Donald Trump threatened to impose unilateral tariffs to pressure trading partners, though Treasury Secretary Scott Bessent suggested the current 90-day tariff pause could be extended,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.

Meanwhile, US PPI and core PPI data signalled cooling inflation, raising hopes of Fed rate cuts. Weekly jobless claims rose to 248,000, further supporting precious metals.

Crude oil prices also surged on supply concerns due to the ewnewed Middle East tensions. MCX crude oil prices  was up 9% at ₹6,369 per barrel.

Gold Price Outlook

Jigar Trivedi expects comex gold may continue to rise further and face resistance at $3,460 per ounce. He also anticipates MCX gold August futures to appreciate to ₹100,000 per 10 grams level.

Manoj Kumar Jain of Prithvifinmart Commodity Research suggests buying MCX gold above ₹98,500 with a stop loss of ₹98,000 for the target of ₹99,500 and also suggests buying MCX silver around ₹1,05,000 with a stop loss of ₹1,03,800 for the target of ₹1,07,000.

“Gold has support at $3,374 - 3,350, while resistance at $3,434 - 3,466 per troy ounce and silver has support at $36.00 - 35.70, while resistance is at $36.60 - 36.88 per troy ounce in today’s session. MCX Gold has support at ₹98,000 - 97,650 and resistance at ₹99,000 - 99,600 while silver has support at ₹1,05,000 - 1,04,200 and resistance at ₹1,07,000 - 1,07,700,” said Jain.

According to Rahul Kalantri, VP Commodities, Mehta Equities Ltd, a sustained trade above $3,400 could indicate more upside ahead.

“Gold price has support at $3,400 - $3,475 while resistance at $3,455 - $3,480. Silver has support at $36.00 - $35.70 while resistance is at $36.75 - $36.95. INR gold has support at ₹97,920 - ₹97,490, while resistance at ₹99,650 - ₹1,00,640. Silver has support at ₹105,559 - ₹105,050, while resistance at ₹1,07,730 - ₹1,08,250,” Kalantri said.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.