By buld_online 
Gold prices hit a record high on MCX on Monday as the war between Israel and Iran entered fourth day, pushing investors to safe haven asset such as gold. The rising geopolitical conflict in the Middle East took the yellow metal to Rs 1,01,078, a fresh peak against the previous close of Rs 100,276 on MCX. Gold then saw some profitbooking falling by Rs 522 to Rs 99754 in the afternoon today.
In the international arena, the Gold Price rose to over five-month high of $3,451 during the Asian trading hours on Monday.
Pranav Mer, Vice President, EBG – Commodity & Currency Research, JM Financial Services said, “Gold prices are trading slightly lower on profit-booking; however the underlying momentum is expected to remains positive as safe-haven bids remain firm amid escalation in the Israel-Iran war and trade tariff related uncertainty. However, we may see some consolidation ahead key central bank meetings during the week with focus on US Fed meeting on Wednesday. Technically, on chart prices hold supports at Rs 99,450 and next at Rs 98,400, while on the upside resistance is seen at Rs 100,700.”
Rahul Kalantri, VP Commodities, Mehta Equities said, “With global equities under pressure and crude oil surging, precious metals gained support. A depreciating rupee could further boost domestic bullion prices. Gold has support at $3415-3385 while resistance is at $3458-3470. Silver has support at $35.90-35.60 while resistance is at $36.45-36.65. In INR terms, gold has support at Rs 99,620- Rs 99,390 while resistance is at Rs 1,00,650- Rs 1,00,940. Silver has support at Rs 105,550- Rs 104,750 and resistance is at Rs 1,06,300- Rs 1,06,950.”
Amod Khanorkar, Chief Rating Officer at Infomerics Valuation and Ratings said, “Given the geopolitical issues, gold is a safe haven and will have an upward bias in prices as a result of the conflict. Also, for India, movement in crude has a significant impact, directly or indirectly. The conflicts, such as what we are witnessing now, have, by and large, a negative connotation for credits, barring a few.”
Industry analysts are observing a continued rise in gold prices due to ongoing geopolitical tensions in crucial oil-producing regions. This situation is causing significant ripples across the commodities market and broader economic metrics. Gold remains a preferred asset for investors seeking stability amid global uncertainties, highlighting its importance as a hedge against geopolitical risks. The precious metal’s performance underscores its pivotal role in providing security for investors during times of instability.