New Delhi: Gold and silver continued their upward trend on Wednesday, following a sharp recovery after a three-day decline. Rising geopolitical tensions between the US and Iran and a weaker dollar provided strong support to these precious metals.
On the MCX (Multi Commodity Exchange), gold prices jumped by approximately ₹7,000 per 10 grams, while silver surged by ₹16,000 per kilogram in early trading.
MCX Rates Today (Early Trade)
- Gold (April 2 delivery): Previous close at ₹1,53,809 per 10 grams; opened at ₹1,58,420; traded between ₹1,56,553 and ₹1,60,755. As of 10:30 AM, gold was at ₹1,59,638, up ₹5,829 (3.79%).
- Silver (March 5 delivery): Rose by ₹16,000 to trade at ₹2,82,707 as of 10:30 AM, up ₹14,692.
Global Prices
- Spot gold surged 5.9% intraday to $5,044.74 per ounce, marking the largest single-day jump since November 2008. It closed with a gain of 2.2%.
- Spot silver also climbed 2.1%, reaching $86.92 per ounce.
City-wise Gold Rates (per 8 grams)
| City | 22K Standard Gold | 24K Pure Gold |
|---|---|---|
| Delhi | ₹1,13,008 | ₹1,23,272 |
| Mumbai | ₹1,12,888 | ₹1,23,152 |
| Chennai | ₹1,14,168 | ₹1,24,544 |
| Hyderabad | ₹1,12,888 | ₹1,23,152 |
The surge in precious metal prices reflects heightened global market volatility, with investors seeking safe-haven assets amid geopolitical and currency fluctuations. Analysts suggest that gold and silver may continue to remain attractive to traders and investors in the near term.
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