Gold Rate Today LIVE: Gold and silver prices on the Multi Commodity Exchange of India (MCX) gave up early gains but traded higher amid volatility on Thursday, following a rally in international bullion prices as the widening Middle East conflict drove investors towards the safe-haven asset.
MCX gold rate today for April futures contracts opened higher by ₹1,225, or 0.75%, at ₹1,62,750 per 10 grams as against its previous close of ₹1,61,525 level. MCX gold price rose to a high of ₹1,63,142 level.
MCX silver price for May futures contracts opened higher by ₹4,340, or 1.63%, at ₹2,69,900 per kilogram as against its previous close of ₹2,65,560 level. MCX silver price jumped to a high of ₹2,74,251 level, rising as much as 3.2%.
However, precious metals faced selling pressure at higher levels and gold and silver prices were trading off-highs. MCX silver price declined more than ₹16,000 from its day’s high level.
US-Iran War, Soft Dollar Lift Gold, Silver Prices
The escalating geopolitical tensions in the Middle East and a softer dollar also supported gains in the precious metal prices.
Spot gold price rose 0.8% to $5,176.69 per ounce, while US gold futures for April delivery were up 1% at $5,186.30. Spot silver rose 1.2% to $84.43 per ounce.
The US dollar edged lower, making greenback-priced gold less expensive for holders of other currencies.
Gold prices have surged about 20% so far this year, notching successive record highs amid heightened global political and economic uncertainty.
On the geopolitical front, the US–Iran war widened sharply after a US submarine sank an Iranian warship off Sri Lanka, killing at least 80 people, and NATO air defences destroyed an Iranian ballistic missile fired towards Turkey.
In other commodities, spot platinum price gained 2.1% to $2,193.65, while palladium price rose 0.5% to $1,683.
Stay tuned to our Gold Rate Today Live Blog for the latest updates.
About The Author
