Overview
- International bullion spiked after explosions in Tehran were linked to reported Israeli and US strikes, with spot/COMEX gold around $5,275–$5,300 per ounce and COMEX silver up roughly 7–8% near $93–$94.
- Indian futures closed Friday near ₹1.60–1.62 lakh per 10g on MCX and did not trade over the weekend, setting up expectations for high volatility at the open.
- Physical markets in Delhi showed steep weekend premiums, with 24-carat gold quoted around ₹1,75,000 per 10g and silver near ₹3,00,000 per kg as dealers priced in risk and tight supply.
- Before the weekend shock, the All India Sarafa Association reported Friday’s gold close at ₹1,64,700 per 10g after a ₹1,800 rise, reflecting firm pre-weekend buying.
- Market commentary flags near-term domestic targets of roughly ₹1.68–1.70 lakh for gold and ₹2.90–3.00 lakh per kg for silver, with the path dependent on conflict developments, dollar and yield moves, and incoming US data.