Overview
- Spot prices spiked to an intraday record near $5,417 per ounce before stabilizing around the $5,300–$5,400 range, with heavy trading across COMEX and MCX and strong gains in gold and silver ETFs.
- In India, gold traded roughly at Rs 1.66–1.73 lakh per 10 grams and silver touched Rs 3 lakh per kg, while Pakistan’s APGJSA reported gold up by Rs 13,300 to Rs 563,862 per tola.
- Oil jumped sharply on supply‑risk worries linked to the Strait of Hormuz, while equities weakened with Wall Street futures lower and Pakistan’s KSE‑100 suffering a steep drop and a temporary halt.
- Several outlets noted profit‑taking after the early surge, with prices easing from session highs as participants reassessed conflict risks and liquidity needs.
- Forecasts flagged conditional upside, with Elara Capital citing a potential move toward $6,000 and J.P. Morgan projecting $6,300 by end‑2026 if safe‑haven demand and central‑bank buying persist.