- In the global market, spot gold was trading around $5,208.08 per ounce, up about 0.3%.
- Silver also moved higher in international markets, with spot silver rising 0.6% to $88.89 per ounce.
- The rally was supported by a weaker US dollar and softer oil prices.
Gold prices held firm in early trade on Wednesday as easing inflation worries and expectations around US monetary policy kept investors attentive to incoming economic data. The movement comes even as geopolitical tensions in West Asia continue to keep safe-haven demand intact.
In the global market, spot gold was trading around $5,208.08 per ounce, up about 0.3%, while US gold futures for April delivery slipped 0.5% to $5,216.80. Later in the session, spot prices were seen hovering near $5,213.99 per ounce, up roughly 0.4%. Silver also moved higher in international markets, with spot silver rising 0.6% to $88.89 per ounce.
On Wednesday, MCX gold April futures declined about half a per cent to Rs 1,62,638 per 10 grams, while MCX silver May futures dropped nearly 1% to Rs 2,75,402 per kg in early deals.
The recent moves follow a sharp rally on Tuesday when spot gold climbed nearly 2% to $5,231.79 per ounce, while US gold futures settled 2.7% higher at $5,242.10.
The rally was supported by a weaker US dollar and softer oil prices after signals that the ongoing conflict in West Asia could eventually de-escalate. Brent crude was trading near $88.60 per barrel, while WTI crude hovered around $83.91, easing from earlier spikes triggered by disruptions around the Strait of Hormuz.
Gold, Silver Prices In India
Domestic prices broadly tracked global cues. According to the All India Sarafa Association, 99.9% purity gold rose Rs 400 to Rs 1,64,700 per 10 grams, compared with Rs 1,64,300 in the previous session.
Silver recorded a much sharper move. Prices surged Rs 10,975, or 4.09%, to Rs 2,79,275 per kg in the national capital, rebounding strongly after three consecutive sessions of decline.
As of Wednesday, the broader market shows 24K gold at around Rs 16,239 per gram, while 22K gold is priced near Rs 14,886 per gram across major retail markets.
Silver in India is trading at roughly Rs 2,90,100 per kg, with Silver 925 quoted close to Rs 2,90,000 per kg.
Gold price today: City-wise rates
Delhi
• 24K gold: Rs 16,254 per gram
• 22K gold: Rs 14,901 per gram
Mumbai
• 24K gold: Rs 16,239 per gram
• 22K gold: Rs 14,886 per gram
Kolkata
• 24K gold: Rs 16,239 per gram
• 22K gold: Rs 14,886 per gram
Chennai
• 24K gold: Rs 16,419 per gram
• 22K gold: Rs 15,051 per gram
Silver price today: City-wise
Silver rates were broadly uniform across major cities.
• Delhi: Rs 2,910 per 10 grams
• Mumbai: Rs 2,910 per 10 grams
• Kolkata: Rs 2,910 per 10 grams
• Chennai: Rs 2,910 per 10 grams
Factors Influencing Gold, Silver Prices
Geopolitical tensions: The conflict involving the US, Israel and Iran has rattled energy markets and kept safe-haven demand elevated.
Oil price swings: Crude prices briefly surged amid disruptions near the Strait of Hormuz before easing after discussions around strategic reserve releases.
US monetary policy outlook: Investors are closely watching upcoming US economic data for clues on the Federal Reserve's rate path.
Currency movements: A softer US dollar has supported demand for gold in recent sessions.
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