Gold, Silver Rates Today LIVE: Gold and silver prices in India traded higher on Tuesday, following a rally in international bullion prices, as the US dollar eased.
MCX gold rate for April futures contracts opened higher by ₹1,444, or 0.90%, at ₹1,61,743 per 10 grams as against its previous close of ₹1,60,299 level. Gold price extended gains after opening higher. MCX gold rate was trading at ₹1,61,607 per 10 grams, up by ₹1,308, or 0.82%. It touched a high of ₹1,61,791 level.
MCX silver price for May futures contracts opened higher by ₹3,840, or 1.43%, at ₹2,71,000 per kilogram as compared to its previous close of ₹2,67,160 level. Silver prices were trading higher by ₹9,740, or 3.65%, at ₹2,76,900 per kg. MCX silver rate jumped as much as 4.18% to ₹2,78,339 level.
Weak Dollar Lifts Gold, Silver Prices
Gold and silver prices in the international markets were largely steady on Tuesday as investors remained cautious about Middle East tensions, after US President Donald Trump said he thinks the US-Iran “is very complete”.
Spot gold prices eased 0.1% to $5,131.24 per ounce, while US gold futures for April delivery rose 0.7% to $5,141.40. Spot silver rose 0.4% to $87.32 per ounce.
The US dollar fell 0.4%, making greenback-priced bullion cheaper for holders of other currencies.
Donald Trump predicted a quick end to the war – ahead of the initial four-week time frame he had laid out – even as Iran’s hardliners rallied behind new Supreme Leader, Mojtaba Khamenei, signalling no willingness to back down any time soon, Reuters reported.
The US-Iran war has effectively shut the Strait of Hormuz, a chokepoint for a fifth of global oil and liquefied natural gas, driving crude oil prices significantly higher. Higher energy costs fuelled inflation concerns and further dimmed the prospects for a near-term cut in interest rates by the US Federal Reserve. Gold is seen as an inflation hedge, but low rates boost its appeal as a zero-yield asset.
In other commodities, spot platinum prices fell 0.6% to $2,168.52 and palladium prices eased 0.1% to $1,689.11.
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