Analyst: Escalation of Geopolitical Risk May Cause New York Silver Futures to Revisit $100/oz

BlockBeats News, March 1st, Geojit Investments' Commodity Research Head Hareesh V stated that heightened geopolitical risks could trigger a buying spree in precious metals, potentially pushing New York Silver Futures back above $100/oz. Furthermore, the analyst also noted that while it cannot be ruled out that global gold prices may rise to $6,000/oz in extreme cases, its trajectory will largely depend on how the conflict unfolds. In the short term, increased market volatility and risk aversion are likely to sustain investor sentiment supporting gold prices.

IndusInd Securities Senior Research Analyst Jigar Trivedi believes that unprecedented strikes by the U.S. and Israel against Iran have escalated Middle East tensions and raised concerns about potential disruptions in global energy supply. Driven by safe-haven buying, New York Gold Futures are poised to gain new upward momentum. Since the beginning of the year, ongoing geopolitical tensions have been supporting prices. Gold rose on Friday, and on Monday, the precious metals market is likely to gap up again. (Golden Finance)