US-Iran news: Experts see gap-up opening for gold prices on Monday; give these immediate targets on COMEX and MCX
US-Iran news: Commodity market experts predict that gold prices are set to gap up on Monday, 12 January 2026, opening bell due to the geopolitical tensions which have emerged over the Iran protests and the looming threat of US President Donald Trump’s intervention in the conflict.
The recent anti-government protests in Iran, which intensified on Saturday night, 10 January 2026, entered their second day on Sunday, 11 January 2026, as citizens of the country filled the streets of Tehran amid an internet shutdown and the Ayatollah Ali Khamenei-led government’s crackdown.
The anti-government protests, which erupted on 28 December 2025 over the currency’s collapse and the rising economic crisis in Iran, have already stretched for two weeks and are set to enter the third week starting on Monday, 12 January 2026.
Multi-Commodity Exchange (MCX) data shows that the gold prices for the February 2026 contract closed 0.04% higher at ₹138,875 per 10 grams after Friday’s market session, compared to ₹138,819 per 10 grams at the previous close.
Will US-Iran news impact gold prices?
Anuj Gupta, a SEBI-registered commodity expert, said that the gold prices are expected to rise on both the domestic and international markets on the backdrop of the latest reports on military deployment on the Iran border.
“The yellow metal may open upside and touch $4,550 per ounce, whereas the MCX gold rates may touch ₹142,000 per 10 grams due to the escalation in the US-Iran conflict,” said the market expert.
Gupta also highlighted that the recent conflict has the potential to “speed up” the rally in the precious metal prices like that of gold and silver in the near term.
Key targets on COMEX and MCX gold
On the technical front on MCX, Ponmudi R, the CEO of Enrich Money, a SEBI-registered online trading and wealthtech firm, said that the gold prices have a key support level in the range of ₹135,000 to ₹137,000 per 10 grams, while the key immediate resistance level stands at ₹140,000 to ₹142,000 per 10 grams.
“MCX Gold is trading near ₹138,819 per 10 grams, consolidating after posting lifetime highs and moving within a well-defined upward channel,” said Ponmudi R.
The commodity market expert also emphasised that if gold prices break above the resistance level, then the precious yellow metal can rise towards ₹145,000 per 10 grams as the overall outlook remains positive, driven by firm global prices, a supportive rupee trend, and steady investment flows.
On COMEX gold, Ponmudi R said that the rates have a key support zone near $4,400 per ounce in line with the base and key moving averages. However, if the precious yellow metal breaches above $4,600 per ounce mark, then the move will potentially open the route for an upside of $4,800–$5,000 per ounce levels.
“The broader trend continues to favour buy-on-dips, supported by safe-haven demand and central bank accumulation,” said the commodity market expert.
As of last week, the gold futures on COMEX were consolidating around the $4,500–$4,517 per ounce range and testing their recent high levels. The expert also highlighted that the price action continues to form higher lows on pullbacks, highlighting strong underlying demand.
Read all stories by Anubhav Mukherjee
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
