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

On March 1, Hareesh V, Head of Commodities Research at Geojit Investments, stated that escalating geopolitical risks could trigger a surge in precious metal purchases, potentially pushing New York silver futures back above $100 per ounce. Additionally, the analyst mentioned that while the possibility of global gold prices rising to $6,000 cannot be ruled out in extreme cases, its trajectory will largely depend on how the conflict evolves. In the short term, increased market volatility and risk aversion are likely to continue 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 over potential disruptions to global energy supplies, safe-haven buying could give New York gold futures a new upward momentum. Since the beginning of the year, ongoing geopolitical tensions have been supporting prices. Last Friday, gold closed higher, and the precious metals market is likely to gap higher again on Monday.