Analyst: Escalating Geopolitical Risks Could Push New York Silver Futures Back Above $100

Odaily News According to Hareesh V, Head of Commodity Research at Geojit Investments, escalating geopolitical risks could trigger a buying frenzy in precious metals, potentially driving New York silver futures back above $100 per ounce. Furthermore, the analyst stated that while the possibility of global gold prices reaching $6,000 cannot be ruled out under extreme circumstances, its trajectory will largely depend on how the conflict evolves. In the short term, increased market volatility and safe-haven sentiment are likely to sustain investor sentiment in supporting gold prices. Jigar Trivedi, Senior Research Analyst at IndusInd Securities, believes that due to unprecedented strikes by the US and Israel against Iran, which have heightened tensions in the Middle East and raised concerns about potential disruptions to global energy supplies, New York gold futures are expected to gain new upward momentum driven by safe-haven buying. Since the beginning of the year, persistent geopolitical tensions have been supporting prices. Last Friday, gold closed higher, and the precious metals market is likely to gap up again on Monday. (Jin10)