As US-Iran tension escalates, gold price in the global markets surged more than 2 percent on Wednesday to hit its highest since March 2013 at $1,610.90. Gold price in India hit all-time high of Rs 41,278.

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Silver price too rose up to 1.25 percent at $18.62. Investors rushed for cover in safe-haven gold after Iran fired rockets at Iraqi airbase which hosts US forces early on Wednesday. Gold is considered to be safer asset in times of political and economic uncertainties, as people prefer to stay away from currencies and stock markets.

This came days after killing of Iranian commander Qassem Soleimani in a US drone strike. Some fear that a wider conflict in the Middle East may break out.

Anuj Gupta, Deputy Vice President - Research (Commodities and Currencies), Angel Broking, said: “As the early trends show that the Asian shares and US treasury yields tumbling down on Wednesday, gold prices will surge today. As the uncertainty returns to the market, the yellow metal will do well.”

"In the glabl market, Gold target price is $1620, while for silver it is $19," said Gupta. He added that Mcx Gold prices may surge up to Rs 42,500 and Silver price may rise to Rs 51,000.

"We expect in 1000 to 1500 price appreciation from CMP in gold." Yen, gold and oil prices shot higher after the Iran attack on US base.

Gold price inched lower on Tuesday, a day after hitting their highest in nearly seven years, with a lack of immediate escalation between the US and Iran.

First Published:Jan 8, 2020 8:48 AM IST