Gold and silver prices surged in early trade on the Multi Commodity Exchange on Tuesday, as investors flocked to safe-haven assets amid escalating geopolitical tensions in West Asia involving the US, Israel, and Iran. 

Silver futures for May 2026 delivery jumped ₹4,932, or 1.7%, to ₹2,61,457 per kg while gold futures for April 2026 delivery rose ₹1,260, or 1%, to ₹1,56,996 per 10 grams. 

The rally in bullion came despite a marginal strengthening of the US dollar, which typically weighs on dollar-denominated commodities. Market sentiment remained supported by elevated crude oil prices, with Brent crude holding above the $100 per barrel mark due to supply concerns linked to disruptions around the Strait of Hormuz. 

In the global market, gold prices remained largely steady. Spot gold edged up 0.1% to $5,007.61 per ounce in early trade while US gold futures gained 0.2% to $5,011.70. Spot silver, however, slipped 0.2% to $80.58 per ounce. 

On the COMEX, gold prices were trading about 0.80% higher at around $5,042.4 per troy ounce, while spot gold was quoted at $5,035.24 per ounce, up $38.42 or 0.77%. 

Gold prices in major cities  

In Delhi, 24-carat gold was priced at ₹1,58,770 per 10 grams, while 22-carat gold stood at ₹1,45,550 per 10 grams. 

In Mumbai, 24-carat gold was available at ₹1,58,620 per 10 grams and 22-carat gold at ₹1,45,400. 

In Kolkata, prices were similar, with 24-carat gold at ₹1,58,620 and 22-carat at ₹1,45,400 per 10 grams. 

In Chennai, 24-carat gold was quoted higher at ₹1,59,820 per 10 grams, while 22-carat gold was priced at ₹1,46,500. 

Silver prices across cities 

Silver prices remained largely uniform across key markets. In Delhi, Mumbai and Kolkata, the metal was priced at ₹2,75,000 per kg. In Chennai, silver traded slightly higher at ₹2,80,000 per kg.  

Meanwhile, global crude prices rebounded sharply in early Asian trade on Tuesday, recovering part of the previous session’s steep losses as fresh concerns over supply disruptions emerged amid continued instability in the Strait of Hormuz and limited international backing to secure the route. 

Brent crude futures rose $2.48, or 2.5%, to $102.69 per barrel, while US West Texas Intermediate (WTI) gained $2.42, or 2.6%, to $95.92 in early deals. The rebound follows a volatile session on Monday, when both benchmarks had declined after reports that some tankers were able to navigate the key shipping corridor.