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Gold and silver prices rise after recent dip
New Delhi: Amidst rising tensions between the US and Iran, gold and silver prices are once again witnessing an upward trend. After a decline spanning a few days, both precious metals now appear to be staging a recovery. On Friday morning, gold and silver were seen trading in the green-indicating gains-in both the international market (COMEX) and the domestic futures market (MCX). Investor sentiment is once again shifting towards safe-haven assets, specifically gold.
Prices Rise on COMEX and MCX
On Friday morning, the price of gold on COMEX rose to reach $4,721 per ounce. Meanwhile, silver also recorded a massive surge, with its price crossing the $80 per ounce mark. In the domestic market (MCX), gold also rallied to reach Rs 1,52,350 per 10 grams. Silver prices also strengthened, closing at the level of Rs 2,62,064 per kilogram.
According to the website of the India Bullion and Jewelers Association (IBJA), 24-carat gold closed on Thursday evening at Rs 1,51,149 per 10 grams, recording a slight decline.
Meanwhile, the price of 22-carat gold was recorded at ₹1,38,452 per 10 grams. Additionally, 18-carat gold stood at the level of ₹1,13,362 per 10 grams.
Why Are Gold and Silver Prices Rising?
According to experts, US policies and geopolitical tensions have a direct impact on gold prices in the global market. Recently, US President Donald Trump extended an offer for an agreement with Iran, following which the market witnessed a slight softening.
However, reports are now emerging that tensions between the two nations are escalating once again. In such an environment, investors tend to increase their purchases of gold and silver as safe-haven assets, causing their prices to rise.
Gold Rates Across Various Cities
A sharp rise in gold prices was also recorded in several cities across the country. In Agra, Amritsar, Ayodhya, Chandigarh, and Lucknow, the price of gold stood at ₹152,390 per 10 grams.
Meanwhile, in Ahmedabad, Bhopal, and Indore, the price was recorded at ₹152,510 per 10 grams. In Bhubaneswar, gold was seen trading at a level of ₹152,460 per 10 grams.
Market experts believe that if tensions between the US and Iran escalate further, gold and silver prices could witness an even sharper rise in the coming days.
