Gold prices surged due to Middle East tensions and a fall in crude oil. Know the new 24, 22, 18 carat rates in Delhi, Mumbai.
On Monday, gold and silver prices had fallen on fears of escalating conflict in the Middle East. Following this, investors adopted a 'buy on dip' strategy, leading to a return of buying today.
Market experts believe that gold prices are currently being influenced by several global factors. The rising tension between Iran and Israel is a major one.
Additionally, news related to US-Iran peace talks and future signals from the US Federal Reserve regarding interest rates are also impacting prices.
A softness is being seen in crude oil prices today, which has somewhat eased inflation concerns. This had a direct positive impact on gold prices.
According to experts, "Cheaper crude oil reduces the pressure on the Federal Reserve to keep interest rates high. Higher interest rates make gold a less attractive investment, so this is positive for gold."
In afternoon trade, WTI crude was down 1.59% at $89.85 and Brent crude was down 1.31% at $93.02 per barrel.
According to Good Returns, the spot price of 24-carat gold in Delhi rose by ₹1470 to reach ₹1,53,310 per 10 grams.
Meanwhile, the rate for 22-carat gold was trading at ₹1,40,550 per 10 grams, up by ₹1350. The price of 18-carat gold increased by ₹1100 to ₹1,15,020.
In Mumbai, Kolkata, Bengaluru, and Hyderabad, the price of 24-carat gold was ₹1,53,160 per 10 grams. It was most expensive in Chennai at ₹1,54,910.
A bullish trend was also seen in gold and silver on the Multi Commodity Exchange (MCX). At 11:15 AM, gold futures were up by ₹475 at ₹1,55,259 per 10 grams.
Similarly, silver futures were trading at ₹2,47,197 per kilogram, up by ₹808.
The market believes that as long as geopolitical tensions persist in the Middle East, gold prices will continue to find support. Investors should keep an eye on global cues and the movement of the dollar, as they will play a crucial role in determining the direction of gold.
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