Gold, silver surge up to 1% on MCX as US-Iran tensions reignite
Synopsis
Gold and silver surged up to 1.61 per cent on MCX on 8 May as Iran accused the US of violating a ceasefire and claimed strikes on Iranian vessels and civilian sites. With Brent crude crossing $102 and COMEX gold at $4,725, the West Asia flashpoint is rapidly becoming a commodity market event.
Key Takeaways
MCX gold touched an intraday high of ₹1,53,103 per 10 grams on 8 May , up ₹842 or 0.55 per cent .
MCX silver surged to an intraday high of ₹2,62,723 per kg , up ₹4,183 or 1.61 per cent .
Iran accused the US of violating a month-long ceasefire; US President Donald Trump said the ceasefire remained in effect.
COMEX gold traded at $4,725 per ounce ; COMEX silver at $80.30 per ounce .
Brent crude rose 2.82 per cent to $102.89 per barrel ; WTI crude gained 4 per cent to $98.64 per barrel .
Gold and silver prices surged up to 1 per cent on the Multi Commodity Exchange (MCX) on Friday, 8 May, as renewed US-Iran geopolitical tensions drove investors toward safe-haven precious metals. The rally extended to international markets, with COMEX benchmarks also trading in positive territory.
MCX Gold Performance
Gold futures (June 5) on the MCX opened at ₹1,52,672 per 10 grams, up ₹411 from the previous close of ₹1,52,261. By around 12:20 pm IST, the yellow metal was trading ₹592 or 0.38 per cent higher at ₹1,52,853 per 10 grams, having touched an intraday high of ₹1,53,103 — a gain of ₹842 or 0.55 per cent during the session.
Commodity market experts noted that MCX gold continues to show improving momentum after opening firmly above the ₹1,52,000 level. Analysts said a sustained move above ₹1,53,000 could strengthen bullish sentiment and push prices toward the ₹1,55,000–₹1,56,000 range. Immediate support is seen between ₹1,52,000 and ₹1,51,600, with stronger buying support emerging near ₹1,50,000.
Silver Outpaces Gold in Intraday Rally
Silver futures (July 3) opened at ₹2,59,999 per kg against the previous close of ₹2,58,540, a gain of ₹1,459 or 0.56 per cent. The white metal was trading ₹3,126 or 1.21 per cent higher at ₹2,61,666 per kg, touching an intraday high of ₹2,62,723 — up ₹4,183 or 1.61 per cent.
Analysts said silver prices remained firm after opening with a gap-up above the ₹2,60,000 mark. A decisive breakout above the ₹2,64,000–₹2,66,000 resistance zone could extend the rally toward ₹2,72,000–₹2,75,000, while support is placed around ₹2,56,000.
Global Markets and the West Asia Trigger
The precious metals rally tracked gains in international markets. COMEX gold was trading 0.28 per cent higher at $4,725 per ounce, while COMEX silver rose 0.17 per cent to $80.30 per ounce.
The immediate trigger was a fresh escalation in West Asia, after Iran accused the United States of violating a month-long ceasefire agreement. Iran's military claimed that US forces struck an Iranian oil tanker, another vessel, and civilian locations in the Strait as well as on the Iranian mainland on Thursday. Washington defended its actions as retaliatory, citing alleged attacks on American naval vessels.
US President Donald Trump, however, said the ceasefire remained in effect and that Washington was awaiting Tehran's response to its latest peace proposal. The conflicting statements have kept risk sentiment fragile and safe-haven demand elevated.
Crude Oil Also Spikes
Energy markets reflected similar anxiety. Brent crude rose 2.82 per cent to $102.89 per barrel, while US West Texas Intermediate (WTI) crude gained 4 per cent to $98.64 per barrel. A sustained crude spike typically reinforces inflation expectations, which in turn supports gold's safe-haven appeal.
With the US-Iran standoff unresolved and crude above the $100 mark, precious metals could see further upward pressure if diplomatic signals deteriorate through the weekend.
Point of View
A contested ceasefire, and crude oil crossing $100. Iran's claim that US forces struck civilian locations on the mainland is an escalation of a different order from Strait skirmishes; if verified, it narrows the diplomatic off-ramp considerably. For Indian commodity markets, the compounding risk is a weaker rupee amplifying import costs alongside elevated bullion prices. The divergence between Trump's 'ceasefire intact' framing and Iran's military claims suggests both sides are managing domestic narratives — which historically precedes, not prevents, further escalation.
NationPress
11 May 2026
Frequently Asked Questions
Why did gold and silver prices rise on 8 May 2025?
Gold and silver prices rose on 8 May 2025 due to renewed geopolitical tensions between the US and Iran, after Iran accused the United States of violating a month-long ceasefire and claimed US forces struck Iranian vessels and civilian locations. Safe-haven demand pushed MCX gold up to ₹1,53,103 per 10 grams and silver to ₹2,62,723 per kg intraday.
What is the current MCX gold price today?
On 8 May, MCX gold futures (June 5) were trading at ₹1,52,853 per 10 grams, up ₹592 or 0.38 per cent, with an intraday high of ₹1,53,103. Analysts see the next resistance zone at ₹1,55,000–₹1,56,000 if prices sustain above ₹1,53,000.
What is the MCX silver price and outlook?
MCX silver futures (July 3) were trading at ₹2,61,666 per kg, up 1.21 per cent, with an intraday high of ₹2,62,723. Analysts say a breakout above ₹2,64,000–₹2,66,000 could push silver toward ₹2,72,000–₹2,75,000, with support at ₹2,56,000.
What did Iran and the US say about the ceasefire?
Iran's military claimed US forces struck an Iranian oil tanker, another vessel, and civilian locations in the Strait and on the Iranian mainland on Thursday, accusing Washington of violating the ceasefire. US President Donald Trump said the ceasefire remained in effect and that Washington was awaiting Tehran's response to its latest peace proposal.
How did crude oil react to the US-Iran tensions?
Brent crude surged 2.82 per cent to $102.89 per barrel, while US WTI crude gained 4 per cent to $98.64 per barrel on the back of the same West Asia escalation, reinforcing inflation expectations that further supported gold's safe-haven appeal.
