New Delhi: Due to the weak US dollar and rising uncertainty in the global market, gold and silver prices are on the rise. However, profit-booking put a brake on the rally of the precious metals on Wednesday. On the Multi Commodity Exchange (MCX), gold and silver prices dipped. At around 9:02 am today, gold for April delivery on MCX was trading 0.27 percent lower at Rs 1,62,870 per 10 grams. Meanwhile, silver for May delivery fell 0.59 percent to Rs 2,76,224 per kilogram. During early trading, gold became cheaper by Rs 433 and silver by Rs 1,626.
Silver Price today
Silver traded above $88 per ounce after advancing for three consecutive sessions. The safe-haven demand strengthened as the US-Israeli campaign against Iran entered its 12th day.
Silver held firm above $88 per ounce on Wednesday, extending gains for a third straight session as geopolitical tensions in the Middle East boosted safe-haven demand. The US-Israeli campaign against Iran entered its 12th day, with the Pentagon reporting its most intense strikes while maintaining operations until Iran is defeated.
Despite President Donald Trump suggesting the conflict could end soon, uncertainty kept investors cautious. Oil prices were limited after the IEA proposed the largest strategic reserve release in history. However, supply concerns persisted as major Middle Eastern producers reduced output and the Strait of Hormuz remained effectively closed, tightening energy market sentiment.
Gold Price Today
Gold prices rose to around $5,210 per ounce on Wednesday. Safe-haven demand strengthened amid the escalating Middle East conflict.
Gold climbed to around $5,210 per ounce on Wednesday, extending gains from the previous session as geopolitical tensions in the Middle East boosted safe-haven demand. The Pentagon confirmed that the US and Israel conducted their most intense strikes yet on Iran and plan to continue operations until the Islamic Republic is defeated.
Mixed messages from US officials further heightened uncertainty after the White House denied escorting an oil tanker through the Strait of Hormuz, contradicting an earlier social media post by Energy Secretary Chris Wright. Meanwhile, investors are closely watching upcoming US inflation data, which is expected to remain well above the Federal Reserve’s target, prompting traders to scale back expectations to just one interest rate cut this year.
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