Overview

• Escalating strikes between Israel and Iran have driven safe-haven demand, pushing spot gold toward $3,420 per ounce
• Central banks have added over 1,000 tonnes of bullion to reserves for a third consecutive year, underpinning prices
• A softer US dollar and cooling inflation have lowered real yields, enhancing gold’s appeal as a non-yielding asset
• Market participants are bracing for the Federal Reserve’s June meeting, with rate-cut expectations fueling price swings
• Silver has mirrored the rally, climbing to an all-time high near Rs 1,09,230 per kilogram on strong industrial and investment demand