Gold rate jumped 2% while silver soared 6% on the MCX on Monday, February 23, amid escalating US-Iran tensions and the dollar’s significant fall. MCX gold April futures jumped by over ₹3,700, or 2.4%, to ₹1,60,600 per 10 grams, while MCX silver March futures jumped by nearly ₹15,200, or 6%, to ₹2,68,120 per kg.
The dollar index fell 0.45% to 97.36, making green-backed bullion cheaper in overseas currencies and prompting more buying,However, the major trigger for gold prices is the escalating tensions between the US and Iran. US President Donald Trump, as Mint reported, issued an ultimatum that the US needs to “make a meaningful deal” with Iran, and emphasised that the coming 10 days will be crucial in determining whether an agreement is reached. Meanwhile, student protests have erupted at multiple universities in Iran.
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