Gold prices have declined due to rising Middle East tensions. Check today's rates in major Indian cities.
According to data from Good Returns, the price of 24-carat gold fell by ₹110 this morning, bringing its rate to ₹1,56,260 per 10 grams.
Similarly, the price of 22-carat gold dropped by ₹100 to ₹1,43,250 per 10 grams. Meanwhile, the price of 18-carat gold decreased by ₹90 to ₹1,17,230 per 10 grams.
Experts believe the main reason for this decline is the resurgence of tension in the Middle East. This has dealt a blow to hopes for a US-Iran peace deal.
High crude oil prices have raised inflation fears. Consequently, the US Federal Reserve may maintain high interest rates, putting pressure on gold.
Contrary to the domestic spot market, gold prices saw a rise in the global market. On Comex, gold was trading at $4,491.40 per ounce, up by $24.50.
A market analyst stated, This divergence between domestic and international prices reflects the current uncertainty. Investors are proceeding with caution.
On India's Multi Commodity Exchange (MCX), gold futures were also trading higher by ₹721 at ₹1,59,240 per 10 grams.
Silver prices also trended upwards globally. On Comex, silver was priced at $73.73 per ounce. Meanwhile, on MCX, domestic silver futures rose by ₹891 to ₹2,63,849 per kilogram.
Overall, the precious metals market remains volatile amidst geopolitical tensions and economic uncertainties. Investors are advised to closely monitor market trends before making any significant investments.
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