Precious Metals Soar Amid Middle East Tensions: Silver and Gold Hit Record Highs

Silver and gold prices surged to record highs as geopolitical tensions in the Middle East drove investors to seek safe-haven assets. Silver futures jumped 6.34%, reaching Rs 4,09,800 per kilogram, marking a 29% increase in five days. Meanwhile, gold also rose, crossing Rs 1,80,779 per 10 grams.

Silver and gold prices continued to soar on Thursday, setting new record highs amid growing geopolitical tensions in the Middle East. Silver futures leapt 6.34% to Rs 4,09,800 per kilogram, noting a significant surge of 29% over five trading sessions.

Gold joined the upward momentum, with February futures rising nearly 9% to a milestone of Rs 1,80,779 per 10 grams. These gains come as investors flock to safe-haven assets, driven by fears of escalating conflict.

Analysts attribute this bullish trend in precious metals to a deepening macroeconomic and geopolitical risk. The escalating tensions, with Iran threatening retaliation against the US and its allies, have fueled uncertainty, further propelling the prices of gold and silver.

(With inputs from agencies.)