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Amidst the tension in the Middle East, there was a rise in the prices of gold and silver not only in the futures market of the country. On the other hand, there was a huge surge in the spot bullion markets of the country also. Gold and silver prices rose by 12 percent in the bullion market of the national capital on Monday as investors turned towards safe assets amid the deepening West Asia crisis. On one hand, silver reached Rs 3 lakh per kg, while gold reached Rs 1.73 lakh. Reached close to per 10 grams.

On the other hand, there was a rise in gold prices on the country's futures market Multi Commodity Exchange, but after the market closed, silver prices closed with a decline. According to experts, the prices of gold and silver may continue to rise in the coming days. There is a reason for that too. The tension in the Middle East is not going to end any time soon. In such a situation, the sentiment of geo-political tension will continue to be reflected in the prices of gold and silver. Let us also tell you what the prices of gold and silver have become on the Multi Commodity Exchange located in Mumbai apart from the country's capital Delhi.

How much did gold and silver become expensive in Delhi?

According to All India Bullion Association, silver rose by Rs 32,000, or 11.94 per cent, to Rs 3,00,000 from Friday's close of Rs 2,68,000 per kg. per kilogram (including all taxes). In the bullion market, the price of gold of 99.9 percent purity is Rs 8,100. Or 4.92 percent increase to 1,72,800. Per 10 grams (including all taxes). In the last market session it was Rs 1,64,700. It was closed at per 10 grams. Gaurav Garg, Research Analyst at Lemon Markets Desk, said gold and silver prices witnessed a sharp rise on Monday as rising geopolitical tensions in West Asia triggered aggressive buying of safe-haven assets. He said the increase came after coordinated military attacks by the US and Israel on Iran over the weekend. Iran's supreme leader Ayatollah Ali Khamenei died in these attacks.

Gold and silver in international market

In the international market, spot gold rose by $116.38, or 2.21 per cent, to $5,394.28 an ounce, while silver traded 1.43 per cent higher at $95.19 an ounce. HDFC Securities senior analyst (commodities) Saumil Gandhi said spot gold prices rose more than two per cent on Monday to near $5,400 an ounce, reaching their highest level in two months, as escalating tensions in West Asia led to strong safe-haven demand.

Gold became expensive and silver became cheaper in futures market

On the other hand, an increase in the price of gold was seen in the futures market of the country. Whereas a decline was seen in the prices of silver. If we look at the data, there was an increase of Rs 3,970 in the price of gold on Monday, after which the price closed at Rs 1,66,074. However, during the trading session, the price of gold increased by Rs 7,776 and reached Rs 1,69,880. On the other hand, the price of silver appeared to be falling after the market closed. During the trading session, a rise of Rs 15,155 was seen in the price of silver. After the market closed, the price fell by Rs 4,163 to Rs 2,78,481 per kg.

Middle East tension is continuously increasing

Meanwhile, Iran launched retaliatory attacks targeting US military and strategic assets in several neighboring countries, including the United Arab Emirates, Bahrain, Kuwait, Qatar, Saudi Arabia, Jordan, Iraq and Syria. Gandhi said the growing geographic scope of the conflict has raised concerns about potential disruptions to regional stability, energy infrastructure and key global trade routes. Jatin Trivedi, Vice President, Research Analysis (Commodity & Currency), LKP Securities, said that the coming week will be a data-packed week for the US, which includes manufacturing and non-manufacturing PMI, ADP non-farm employment change and unemployment data. He said the release of the data could lead to more price volatility as participants reevaluate the Federal Reserve's policy expectations.