Gold and silver price prediction: Gold prices are seeing a sideways-to-bullish bias and may rally to Rs 1.7 lakh mark while silver is likely headed to Rs 3 lakh, says Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group.

Escalating conflict in the Middle East has disrupted global commodity markets beyond oil and gas, impacting aluminium, fertilisers, ethanol, and helium. Tanker movement through the Strait of Hormuz has slowed, with significant implications for essential goods and food exports. Authorities are working to ensure food supply stability amidst rising logistics costs.

The proposed facility in Texas will be Reliance Industries’ second greenfield investment outside India. Reliance Industries, which has a market capitalisation of ₹18.82 lakh crore ($204 billion), runs the world’s largest integrated refinery complex at a single site in Jamnagar, Gujarat.

US financial and tech firms are enhancing security and reducing office presence in the Middle East following Iran’s threats to target economic centers linked to America. Companies like Citigroup, Standard Chartered, and Google have implemented precautionary measures, including mandatory work-from-home policies for staff in the region due to heightened security concerns.

Escalating West Asian conflict disrupts global energy supplies, triggering panic buying of LPG across India. Long queues at agencies and restaurants switching to alternatives highlight growing anxiety, despite government assurances of adequate domestic supply. Commercial distribution faces pressure, fueling fears of a wider energy crunch.

Indian Railways is urging food vendors to switch to electric cooking methods like microwaves and induction, as liquefied natural gas (LNG) and LPG shortages, stemming from West Asia conflict, disrupt meal preparation. This impacts base kitchens supplying trains, prompting consideration of temporary suspension of cooked meal services and refunds for pre-booked meals.

The US envoy Sergio Gor has praised India as a “great partner” for its role in maintaining stable global oil prices, acknowledging New Delhi’s ongoing purchases of Russian oil. This temporary waiver, aimed at easing pressure on energy supplies amid Middle East tensions, reflects India’s past cooperation with Western sanctions on Russia.

India has secured approximately 30 million barrels of Russian crude following a US waiver, with refiners like Indian Oil and Reliance Industries swiftly acquiring stranded cargoes. This move comes as Middle East disruptions impact traditional oil flows, pushing India to seek alternative supplies. The US clarified the waiver is temporary, aimed at stabilizing global energy

Gold futures experienced a dip on Tuesday, with April 2026 and June contracts trading lower on the MCX. Meanwhile, retail bullion rates in major Indian cities like Delhi, Mumbai, and Chennai saw a slight increase. Market participants are observing a cautious sentiment amidst mild profit-taking at current elevated levels.