Mumbai, March 10: Gold and silver prices experienced a significant increase on Tuesday, pushing gold to over ₹1.62 lakh per 10 grams and silver to ₹2.76 lakh per kilogram.
As of 10:22 AM, the April contract for gold on the Multi Commodity Exchange (MCX) rose by 1.07% to reach ₹162,010, while the May contract for silver surged by 3.46% to ₹276,411.
International markets also reflected a rise in gold and silver prices. At the time of reporting, gold was priced at $5,175 per ounce, up by 1.40%, and silver saw a 5.42% increase, reaching $89.105 per ounce.
The surge in gold and silver prices is attributed to the weakening of the dollar index. The dollar index, which measures the value of the U.S. dollar against six major currencies, fell to 98.85, down from above 99 on Monday.
Additionally, global instability has been cited as a contributing factor to the rise in gold and silver. Recently, former U.S. President Donald Trump stated in an interview that the American campaign against Iran would “soon” come to an end. He defined victory as the point at which Tehran would no longer have the capability to develop weapons that pose a threat to the U.S., Israel, or its allies.
In response, Iran sharply criticized Trump’s statement, with the Islamic Revolutionary Guard Corps (IRGC) asserting in Iranian state media that it is Tehran, not Washington, that will determine when to end the conflict.
This has heightened global instability, further boosting purchases of gold and silver.
Arpit Soni has had a passion for journalism since the beginning. Now he has turned this hobby into his profession. Arpit, who is a resident of Udaipur, enjoys editing and writing news related to journalism. He has worked as a Senior Content Producer in several important roles at Bhaskar, Patrika, Pratahkal, Punjab Kesari, and Times. Arpit completed his schooling in Udaipur and Jaipur. He has been working in the media industry for more than 10 years, and his journey is still continuing. ✍️📚
Leave a Comment