Gold, Silver Edge Up Amid Global Tensions
Bullion gains as Israel-US-Iran tensions drive safe-haven demand
- Gold, silver prices rise amid global geopolitical uncertainty
- 24K gold at ₹1.50 lakh per 10 gm; silver at ₹2.59 lakh/kg
- Futures markets show strong upward momentum
- Investors turn to gold as safe-haven asset
GG News Bureau
Mumbai, 20th March: Gold and silver prices witnessed a slight rise on Friday as global geopolitical tensions continued to drive demand for safe-haven assets, keeping bullion markets in focus.
In the domestic market, 24-carat gold was priced at ₹1,50,270 per 10 grams, while 22-carat gold stood at ₹1,37,740. Silver prices were recorded at ₹2,59,900 per kilogram.
City-wise Gold Prices (10 gm):
For 24-carat gold, Delhi recorded ₹1,50,420, while Mumbai, Kolkata, Bengaluru and Hyderabad stood at ₹1,50,270. Chennai reported the highest rate at ₹1,51,630.
For 22-carat gold, prices in Delhi were ₹1,37,890, while Mumbai, Kolkata, Bengaluru and Hyderabad recorded ₹1,37,740. Chennai again topped the list at ₹1,38,990.
Silver Prices:
Silver remained at ₹2,59,900 per kg in Delhi, Mumbai and Kolkata, while Chennai reported a higher rate of ₹2,64,900.
Market analysts attribute the rise to heightened tensions involving Israel, the United States and Iran, which have increased volatility across global commodity markets. Investors typically shift towards gold during uncertain times, considering it a stable store of value.
Despite modest movements in retail prices, futures markets indicated strong bullish momentum. Gold futures on MCX for April delivery surged by ₹3,348, or 2.30%, to ₹1,48,302 per 10 grams. Silver futures for May delivery jumped ₹8,488, or 3.66%, to ₹2,39,948 per kg, even touching ₹2,40,000 during intraday trade.
Globally, gold prices edged higher, with spot gold rising 0.2% to $4,657.50 per ounce, while US gold futures gained 1.1% to $4,657.90. Silver also saw a marginal increase of 0.1% to $73 per ounce.
Experts note that despite short-term fluctuations, gold continues to attract investors amid inflation concerns, currency volatility and geopolitical risks, reinforcing its status as a preferred hedge in uncertain times.
