- In the global market, gold prices edged higher on Friday after the US dollar eased slightly.
- Silver also moved higher in international markets. Spot silver rose about 1.4 per cent to $84.96 per ounce.
- The ongoing conflict in the Middle East continues to influence commodity markets.
Gold, Silver Prices Today: Global uncertainty and high crude oil prices kept bullion markets volatile on Friday too. While Gold prices surged marginally in early trade, silver also posted gains in international markets. Meanwhile, domestic prices moved within a narrow range.
According to the GoodReturns website, the price of 24-carat gold slipped Rs 10 in early trade, with 10 grams of the metal priced at Rs 1,62,210 in India. The price of 22-carat gold also declined Rs 10 to Rs 1,48,690 per 10 grams.
Silver prices also fell Rs 100 in the domestic market, with one kilogram of the metal trading at Rs 2,79,900.
Gold prices in international market
In the global market, gold prices edged higher on Friday after the US dollar eased slightly and US Treasury yields moved lower. Spot gold was trading around $5,118.75 per ounce in early trade, while US gold futures for April delivery were near $5,123 per ounce. FOLLOW LIVE UPDATES
Silver also moved higher in international markets. Spot silver rose about 1.4 per cent to $84.96 per ounce. Platinum gained roughly 0.9 per cent to $2,151.97, while palladium advanced about 1.4 per cent to $1,640.64.
However, even with the latest gains, bullion is still set for a weekly decline of about 1 per cent. Persistent inflation concerns and uncertainty over the US interest rate outlook have limited further upside.
Factors influencing gold
The ongoing conflict in the Middle East continues to influence commodity markets. Oil prices have climbed back above $100 per barrel as Iranian attacks on ships and tankers in the Strait of Hormuz raised concerns about supply disruptions. FOLLOW LIVE UPDATES
To add to this, there are no signs of any de-escalation yet. US President Donald Trump said preventing Iran from acquiring nuclear weapons remains a priority even if oil prices rise. On the other hand, Iran's new Supreme Leader Mojtaba Khamenei has warned that Tehran could keep the Strait of Hormuz closed and open additional fronts if attacks by the US and Israel continue.
Higher energy prices have renewed concerns about inflation. As a result, expectations of near-term interest rate cuts by the US Federal Reserve have weakened. Market participants now widely expect the central bank to keep rates unchanged at the upcoming policy meeting.
Gold prices in India
In the domestic market, gold prices remain sensitive to international rates, currency movements and local demand.
As of March 13, the price of 24K gold is around Rs 16,221 per gram, while 22K gold is trading near Rs 14,869 per gram.
Gold prices in major cities
City| 24K Gold (per gram) | 22K Gold (per gram)
Delhi Rs 16,236 Rs 14,884
Mumbai Rs 16,221 Rs 14,869
Kolkata Rs 16,221 Rs 14,869
Chennai Rs 16,330 Rs Rs 14,969
Silver prices today
Silver in India is trading at about Rs 2,79,900 per kilogram, while sterling silver (Silver 925) is priced around Rs 2,79,000 per kilogram.
City | Silver 999 (per 10 grams)
Delhi Rs 2,799
Mumbai Rs 2,799
Kolkata Rs 2,799
Chennai Rs 2,799
Silver prices tend to move with global trends in precious metals, but industrial demand also plays an important role in shaping the metal's price movements.
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