Mumbai, March 20: Gold and silver prices witnessed a notable increase on Friday. The prices of both precious metals rose by up to 2.83%.
At 10:10 AM on the Multi Commodity Exchange (MCX), the April 2 gold contract was up by 2.07%, or ₹2,996, trading at ₹1,47,950. During the trading session, gold reached a low of ₹1,47,401 and a high of ₹1,48,302.
The May 5 silver contract also saw a significant rise of 2.83%, or ₹6,540, reaching ₹2,38,000. Silver’s trading session recorded a low of ₹2,37,300 and a high of ₹2,40,000.
International markets reflected similar trends, with gold rising by 2.40% to $4,716 per ounce and silver increasing by 3.61% to $73.78 per ounce at the time of writing.
Analyst Manav Modi from Motilal Oswal Financial Services noted that while gold prices stabilized in early trading, they are heading towards their worst weekly decline in six years.
He attributed the recent decline in gold prices to rising inflation expectations due to the ongoing U.S.-Israel conflict with Iran, along with reduced prospects for interest rate cuts in the near future.
According to the analyst, demand for gold as a safe investment has been largely suppressed by a sharp rise in the U.S. dollar and treasury yields. Oil prices surged to nearly four-year highs during the week due to ongoing attacks on energy infrastructure in the Middle East, raising concerns about supply disruptions and high inflation.
Gold and silver experienced a significant drop on Thursday, with gold prices falling to approximately ₹1.44 lakh per 10 grams and silver to ₹2.20 lakh per kilogram.
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My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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