The price of gold surged on Friday as tensions between Iran and Israel escalated, driving investors towards safe-haven assets. On the Multi Commodity Exchange (MCX), the price of gold soared by over  Rs.1,000 per 10 grams, reaching a fresh high of  Rs.73,461 per 10 grams. Similarly, silver prices also experienced a significant increase, hitting a new peak of  Rs.85,051 per kilogram on the MCX during Friday's trading sessions.

The primary factor behind the surge in demand for safe-haven assets is the escalating tension in the Middle East due to speculation of a potential conflict between Iran and Israel. In addition to geopolitical uncertainties, speculations of a rate cut by the US Federal Reserve and aggressive gold purchases by the Chinese central bank are contributing to the current rally in gold and silver prices.

Investors are turning to gold and silver as a hedge against the uncertainty and volatility in the global markets, seeking refuge in assets perceived as more stable during times of geopolitical unrest. The surge in prices reflects the nervousness among investors and the desire to safeguard their wealth amidst geopolitical tensions and economic uncertainties.