Mumbai, March 12: Rising tensions in the Middle East have led to significant fluctuations in gold and silver prices in global markets. On Thursday, the price of gold with 999 purity reached ₹160,303 per 10 grams, up from ₹160,230 the previous day, marking an increase of ₹73 in just one day.
In terms of silver, the price for 999 purity silver on Thursday was ₹268,301 per kilogram, a notable rise from ₹266,010 per kilogram on Wednesday. This reflects a surge of ₹2,291 per kilogram.
At the Multi Commodity Exchange (MCX), as of approximately 7:22 PM, gold for April delivery was trading at ₹161,490 per 10 grams, down by ₹299 or 0.18%. Meanwhile, silver for May delivery saw an increase of 1.22%, trading at ₹271,764 per kilogram.
Throughout the day, precious metals experienced considerable volatility. Gold prices peaked at ₹162,991 per 10 grams during the afternoon before declining later.
Market experts indicate that the price range of ₹156,000 to ₹157,000 remains a strong demand zone for gold. An analyst noted that as long as gold prices stay above this level, a bullish trend is likely to continue in the medium term. If prices break firmly above ₹165,000, it could lead to new highs ranging from ₹175,000 to ₹180,000.
Conversely, silver prices showed strength during the session, starting at ₹269,212 per kilogram, slightly above the previous closing price of ₹268,491.
The recent volatility in gold and silver prices is attributed to instability in global markets due to escalating tensions in West Asia. Experts suggest that mixed signals regarding the Iran conflict have contributed to this uncertainty. The commodity market is now focused on upcoming U.S. consumer inflation data, which could provide further insights into the Federal Reserve’s policy outlook, although these figures may not fully reflect the inflationary impacts of rising energy prices linked to the conflict.
Additionally, U.S. GDP and inflation data set to be released this week will also be closely monitored, as they will offer better clarity on the economic situation and future monetary policy, ultimately influencing the trajectory of gold and silver prices.
My name is Narendra Jijhontiya. 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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