Gold and silver prices extended their rally in Indian commodity markets on Thursday as geopolitical tensions and currency movements drove investors toward traditional safe-haven assets. The sharp move in precious metals comes amid an intensifying conflict involving the United States and Iran, alongside a softer US dollar that has made bullion more attractive globally.

According to market data available at <(https://www.mcxindia.com), gold futures for April delivery on the Multi Commodity Exchange of India opened significantly higher, reflecting strong spillover from international bullion markets. The contract began the session at ₹1,62,750 per 10 grams, marking a gain of ₹1,225 or roughly 0.75 percent compared with the previous close of ₹1,61,525. Prices continued to rise during the session, touching an intraday high of ₹1,63,142.

Silver futures also witnessed a strong upward move. The May silver contract opened at ₹2,69,900 per kilogram, up ₹4,340 or about 1.63 percent from the previous closing price of ₹2,65,560. As trading progressed, the metal surged further to an intraday high of ₹2,74,251 per kilogram, reflecting gains of over 3 percent at the peak of the session.

The rally in Indian bullion prices closely mirrored movements in global markets. Internationally, spot gold rose about 0.8 percent to around $5,176 per ounce, while US gold futures for April delivery gained roughly 1 percent to $5,186 per ounce. Silver also advanced globally, with spot prices rising approximately 1.2 percent to about $84 per ounce.

The primary driver behind the surge in precious metals has been escalating geopolitical tensions in the Middle East. Reports indicate that the conflict between the United States and Iran intensified significantly after a US submarine sank an Iranian warship near Sri Lanka, leading to significant casualties. At the same time, NATO air defence systems reportedly intercepted and destroyed an Iranian ballistic missile fired toward Turkey.

Such developments have historically triggered risk-off sentiment across global markets. When geopolitical tensions rise, investors often shift capital from riskier assets such as equities into safe-haven instruments including gold, silver, and government bonds.