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Gold and silver prices showed a mild recovery in early trade on March 13 despite a stronger US dollar and fading hopes of a Federal Reserve rate cut. On MCX, gold futures rose 0.06% to around ₹1,60,368 per 10 grams, while silver gained 0.25% to ₹2,68,637 per kilogram.
Precious Metals Recover Slightly as MCX Gold and Silver Post Gains
New Delhi: The precious metals market witnessed a slight recovery on Friday. Despite a stronger US dollar and weakening expectations of a Federal Reserve interest rate cut, gold and silver prices recorded a slight increase. Gold futures rose 0.06 percent to approximately ₹1,60,368 per 10 grams at around 9:30 am on the Multi Commodity Exchange (MCX). Silver futures were trading 0.25 percent higher at approximately ₹2,68,637 per kilogram.
However, gold and silver prices saw a slight decline in early trading on Friday morning. Gold opened at ₹1,60,228 per 10 grams on the MCX, down approximately 0.03 percent, while silver slipped approximately 0.4 percent to ₹2,66,888 per kilogram.
Market experts say that ongoing tensions in West Asia and the geopolitical situation surrounding Iran have created volatility in global markets. This has strengthened the US dollar, putting pressure on gold and silver prices.
Rising tensions in the Middle East are also impacting the crude oil and commodity markets. Reports suggest that nearly a quarter of global oil consumption is expected to be affected. Consequently, investors are turning to safer investment options, leading to volatility in the bullion market.
Although the strengthening dollar generally puts pressure on gold prices, geopolitical uncertainty continues to make gold a safe bet for investors.
Gold prices in major cities across India did not vary significantly. Some minor variations are due to local taxes, jewelers' margins, and logistics costs.
In Chennai, the price of 24-carat gold was around ₹16,330 per gram, while 22-carat gold was around ₹14,969 per gram. In cities like Mumbai, Kolkata, Bengaluru, Hyderabad, and Kerala, the price of 24-carat gold was recorded at around ₹16,221 per gram.
In Delhi, 24-carat gold was seen trading around ₹16,236 per gram, and 22-carat gold was seen trading around ₹14,884 per gram.
According to experts, gold and silver prices in the coming days will depend on global economic cues, the strength of the dollar, and geopolitical conditions. If global uncertainty increases, gold demand could see a further increase. However, if the dollar remains strong, prices are likely to remain limited in volatility.
