Mumbai, March 12: Rising global tensions have led to a notable increase in the prices of precious metals, including gold and silver, in the domestic commodity market on Thursday. Initially, gold prices experienced a slight decline, but silver rebounded from early losses to gain significantly. Strong buying at lower levels contributed to the surge in silver prices.
As of around 1:36 PM, gold for April delivery was trading at ₹1,62,150 per 10 grams on the Multi Commodity Exchange (MCX), reflecting a rise of 0.22 percent or ₹361. Gold started the day at ₹1,62,799 per 10 grams, which was higher than its previous closing price of ₹1,61,789. However, prices later fell due to weak signals from the global market.
Experts indicate that the ₹1,56,000 to ₹1,57,000 range remains a strong demand zone for gold. According to an analyst, as long as gold prices remain above this level, a bullish trend is likely to continue in the medium term. If prices break firmly above ₹1,65,000, it could pave the way for new highs between ₹1,75,000 and ₹1,80,000.
On the other hand, silver prices showed strength during the session. As of the time of writing, silver for May delivery was trading at ₹2,74,402 per kilogram, marking an increase of ₹5,911 or 2.20 percent. Silver began trading at ₹2,69,212 per kilogram, slightly above its previous closing price of ₹2,68,491.
In the global market, spot gold fell by 0.2 percent to $5,165.73 per ounce, while April delivery U.S. gold futures also dropped by 0.2 percent to $5,171.40 per ounce. Spot silver remained relatively stable, trading at approximately $85.82 per ounce.
It is noteworthy that the recent volatility in gold and silver prices has been influenced by escalating tensions in West Asia, leading to instability in global markets.
Meanwhile, rising crude oil prices and a strengthening dollar have contributed to the depreciation of the Indian rupee. On Thursday, the rupee fell by 0.3 percent against the dollar, reaching a record low of 92.3575. Earlier this week, the rupee had already touched a previous record low of 92.3475, which was surpassed on Thursday.
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. ✍️📚
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