Precious metals gold and silver, which had shown a limited reaction to the ongoing US-Iran war, saw a strong spike in Tuesday’s session, 10 March, supported by a retreat in the US Dollar Index, which made the metals cheaper for holders of other currencies.
The April gold futures contract on COMEX regained strength, rising $136 per troy ounce to the day’s high of $5,238 earlier in the day, recovering all of the previous day’s losses.
The May silver futures contract, too, saw a sharp reversal in sentiment, with prices climbing $6 per troy ounce to $90.38.
Today’s rally has lifted silver’s week-to-date returns to 6%, while the yellow metal’s returns moved to 1.34%. Even as geopolitical tensions remained at a boiling point, gains in gold and silver were earlier capped by the strong dollar, which has eased in today’s session.
The US Dollar Index pulled back from its recent gains, falling to 98.39 after US President Donald Trump said that the US military operation in Iran is nearing its conclusion and running well ahead of the initial four- to five-week estimated timeframe.
Middle East conflict enters 11th day
The ongoing Israel–Iran conflict has entered its 11th day on Tuesday as tensions continue to simmer with nations refusing to step back and firing missiles at each other’s territory, especially targeting energy infrastructure.
These attacks have disrupted the crude oil supply chain, fueling concerns that higher prices could drag down the global economy, which has recently been hit by trade shocks from the Trump administration.
Iran is directing its missiles toward crude depots across the Gulf region, along with targeting American bases in the region, keeping tensions in the Middle East on high alert.
Meanwhile, Israeli Prime Minister Benjamin Netanyahu vowed his country would keep striking Iran, saying the aim of the campaign was the popular overthrow of its government.
So far, both countries have launched multiple rounds of attacks on each other, with each claiming that the assaults are continuing in full force and that the damage so far has been limited and manageable.
US Defence Secretary Pete Hegseth said Tuesday morning that “today will yet again be our most intense day of strikes inside Iran.” Speaking at the same Pentagon news briefing, the Joint Chiefs of Staff chairman said Iran’s missile attacks have fallen 90%.
Addressing the media on Monday, Trump said the US administration would remove oil-related sanctions and suggested the war could end soon, easing market concerns that had pushed prices to multi-year highs. However, hours later, Trump threatened in a social media post that the US would dramatically increase attacks if Iran tried to close the Strait of Hormuz.
Iran’s paramilitary Islamic Revolutionary Guard Corps doubled down, saying in a statement that it “will not allow the export of even a single litre of oil from the region to the hostile side and its partners until further notice.”
MCX gold jumps over ₹3,000 per 10g; silver nears ₹2.70 per lakh
In the domestic market, MCX gold futures advanced ₹3,169 per 10 grams to reach the day’s high of ₹1,63,468, while the May silver futures contract on MCX strengthened by ₹12,303 per kilogram to touch ₹2,79,463.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
