Latest Gold and Silver Price Update
Gold and silver prices have surged recently due to rising tensions in the Middle East, creating uncertainty in the markets and driving traders toward safe-haven assets.
Today, COMEX gold prices hit $5,400 per ounce, reflecting an intraday increase of more than 2.50%. Meanwhile, silver also showed strength, opening significantly higher and reaching an intraday peak of $96.930 per ounce, which is a 2% gain shortly after the market opened.
In India, following international trends, both gold and silver prices began on a strong note. The MCX Gold rate opened at INR 1,65,501 per 10 grams, before hitting an intraday high of INR 1,67,915 per 10 grams, showing an increase of over INR 5,500 within just minutes. Similarly, MCX silver prices rose, recording a peak value of INR 2,78,644 per kg, with an intraday high around 3% above its opening price.
Negotiations between Washington and Iran are anticipated to continue next week, with Oman’s mediator noting “significant progress” in discussions, according to Bloomberg. However, U.S. officials reportedly feel disappointed with the outcomes so far.
Despite MCX and COMEX being closed today (Sunday), spot gold prices in Indian cities like Delhi and Mumbai are expected to rise, influenced by ongoing conflicts involving the U.S., Israel, and Iran.
Will Gold Prices Hit INR 200,000?
Experts warn that escalating geopolitical tensions could lead to a spike in precious metal prices.
On the future of gold prices, Hareesh V, Head of Commodity Research at Geojit Investments, shared with Livemint that while a global price of $6,000 isn’t out of the question, it’s possible that domestic gold could reach INR 200,000 in extreme circumstances. Yet, the actual trajectory will heavily rely on the evolution of the current conflicts.
Furthermore, experts believe that the pressure might push silver prices above $100. This year alone, gold prices have increased by over 20%, and following a significant drop from record highs earlier this year, they have found stability above $5,000 per ounce. Precious metals have enjoyed seven consecutive months of gains, marking the longest stretch since 1973. Contributing factors include ongoing geopolitical tensions, a weaker dollar, and uncertainties regarding the Federal Reserve’s policies, reports indicate.
