Analyst: Escalating geopolitical risks may push New York silver futures back above $100 per ounce

BlockBeats News, March 1, Hareesh V, Head of Commodity Research at Geojit Investments, stated that escalating geopolitical risks may trigger a buying frenzy in precious metals, which could push New York silver futures back above $100/ounce. In addition, the analyst noted that while it is not impossible for global gold prices to rise to $6,000/ounce under extreme circumstances, the trend will largely depend on how the conflict evolves. In the short term, increased market volatility and risk aversion are likely to keep investor sentiment supportive of gold prices.

Jigar Trivedi, Senior Research Analyst at IndusInd Securities, believes that as the United States and Israel have launched unprecedented strikes against Iran, escalating tensions in the Middle East and raising concerns about potential disruptions to global energy supplies, New York gold futures are likely to gain new upward momentum driven by safe-haven buying. Since the beginning of the year, ongoing geopolitical tensions have continued to support prices. Last Friday, gold closed higher, and the precious metals market is likely to gap up again on Monday. (Golden Ten Data)