Gold, Silver Price Latest Updates: Gold and silver prices soared amid tensions in the Middle East, which raised market uncertainty and prompted some traders to buy safe-haven assets.
The COMEX gold rate today hit $5,400 an ounce, marking an intraday increase of over 2.50%. Likewise the COMEX silver price opened with an upside gap and touched an intraday high of $96.930 per ounce, logging an intraday rise of 2% within a few minutes of the opening Bell in the morning trade.
Following ingternational market, gold and silver prices in India opened with a big-upside gap. The MCX gold rate today opened at ₹1,65,501 per 10 gm and touched an intraday high of ₹1,67,915 per 10 gm, logging over ₹5,500 per 10 gm gain within a few minutes of the Opening Bell.
Likewise, the MCX silver rate today opened upside at ₹2,78,644 per kg and touched an intraday high of ₹2,85,978 logging an intraday high of around 3.75%.
Negotiations between Washington and Tehran will continue next week following what Oman, the mediator, described as “significant progress” on Thursday, Bloomberg reported. While a person familiar with the matter told the news portal that the US officials remain disappointed with the progress.
While MCX and COMEX are closed today (Sunday), physical gold rates in Indian cities such as Delhi and Mumbai are expected to surge amid the US-Israel and Iran dispute.
Will gold prices touch ₹2 lakh?
According to experts, increased geopolitical risks could spark a rapid surge in precious metals.
In terms of outlook for gold prices, Hareesh V, Head of Commodity Research at Geojit Investments, told Livemint that a move towards $6,000 globally or ₹2,00,000 domestically for gold cannot be denied in an extreme scenario. However, the actual path will mainly depend on how the conflict develops. Read full report here.
The tensions are expected to push silver prices above the $100 level, experts told Livemint.
Gold has increased by over 20% so far this year, stabilising again above $5,000 an ounce after a sharp decline from a record high in late January. The precious metal marked its seventh consecutive monthly rise, the longest streak since 1973. Continued geopolitical and trade tensions, along with the so-called dollar debasement trade and concerns about the Federal Reserve’s independence, have contributed to a multi-year rally, Bloomberg reported.
