PRECIOUS METALS | Geopolitical Tensions May Drive Precious Metals Surge

Geojit Investments' commodity research head, Hareesh V, suggests that escalating geopolitical risks could lead to a surge in precious metals purchases, potentially pushing New York silver futures above $100 per ounce. According to PANews, Hareesh V also noted that while the possibility of global gold prices reaching $6,000 cannot be ruled out in extreme scenarios, the trajectory will largely depend on how conflicts unfold. In the short term, increased market volatility and risk aversion are likely to continue supporting gold prices. IndusInd Securities senior research analyst Jigar Trivedi believes that unprecedented strikes by the U.S. and Israel on Iran have heightened tensions in the Middle East, raising concerns about potential disruptions to global energy supplies. This situation is expected to provide new upward momentum for New York gold futures, driven by safe-haven buying. Since the beginning of the year, ongoing geopolitical tensions have consistently supported prices. Last Friday, gold closed higher, and the precious metals market is likely to open with a gap on Monday.