Amid the ongoing conflict in West Asia, precious metals markets are witnessing sharp price swings. In international markets, spot gold prices are currently trading near the $5,160 per troy ounce level, down over 4% from Monday’s high of $5,400 per troy ounce.
Silver, being the more volatile asset, is experiencing a sharper retreat, with the white metal currently trading near the $84 per troy ounce level, down over 11% from Monday’s high of $95 per troy ounce.
What is driving the price swings?
While fears of a prolonged war in the Middle East continue to support safe-haven demand for these assets, gold and silver prices posted declines in the previous sessions due to a firm dollar index and fading expectations of rate cuts by the US Federal Reserve.
The US central bank is expected to keep the rates on hold for its upcoming March meeting.
A strong dollar makes precious metals more expensive for overseas currency holders, thereby denting demand.
Additionally, experts reported that gold and silver experienced heavy profit-booking amid the US-Iran conflict, and the market is currently searching for a stable floor.
MCX Gold and Silver correct sharply
On the domestic front, MCX Gold futures are trading at Rs 1,63,467 per 10 grams.
MCX Silver futures have also dropped sharply, currently trading near the Rs 2,73,522 per kg mark.
Analysts suggest that while the fundamentals for gold remain intact, when the yellow metal weakens despite elevated risk signals, this usually suggests underlying position shifts or broader, undisclosed developments at play.
How are gold and silver prices likely to pan out going ahead? Keep reading live updates here
On MCX the April delivery contract was trading at Rs 1,63,600 per 10 gram up 1.55% from previous close. While the May delivery contract was Rs 2,73,700 per kg up 3.16% from previous close.
Gold, Silver Rate Today Live: Markets expect no rate cut at March meeting
"The underlying fundamentals (for gold) have not materially shifted. Structural drivers such as geopolitical uncertainty, policy unpredictability and portfolio diversification needs remain intact," Reuters quoted Christopher Wong, a strategist at OCBC as saying.
As per the CME Fedwatch tool 97% market participants expect the fed to hold rates at its upcoming March meeting, while nearly 3% expect a quarter point rate cut.
Gold, Silver Rate Today Live: Spot Silver near $86/oz
On MCX, the April delivery contract of gold is trading at Rs 1,63,432, up 1.4% from its previous close. While the May delivery contract of silver is up 3% from its previous close trading at Rs 2,73,251 per kg.
In international markets, spot gold is currently trading trading near the $5,180/oz mark, while spot silver is nearing the $86/oz mark
Gold, Silver Rate Today Live: Gold ETFS down 3%, Silver ETFs down over 7%
Tata Gold Exchange Traded Fund was trading at Rs 15.65 down 3.34%, while Nippon India ETF Gold BeES stood at Rs 133.61 declining 3.41%. Zerodha Gold ETF moved to Rs 25.423, declining 3.53%, and ICICI Prudential Gold ETF slumped to 137.83 down 3.98%.
Tata Silver Exchange Traded Fund was trading at Rs 25.66, down 7.90%, while Nippon India Silver ETF stood at Rs 254.74 marking a decline of 7.23%. Zerodha Silver ETF moved to Rs 26.95, down 7.23%, and Kotak Silver ETF was at Rs 25.69, down 7.86%.
Gold, Silver Rate Today Live: Precious metals consolidate on low expectations of rate cut
Precious metals like gold and silver also faced consolidation over waning expectations of rate cuts by the US Federal Reserve. High interest rates reduce the opportunity cost of holding non-interest yielding assets like gold.
Gold, Silver Rate Today Live: Gold prices in Delhi, Mumbai and Kolkata today
Gold rates remained elevated across major cities today. In Delhi, 24-carat gold was priced at Rs 1,64,660 per 10 grams, while 22-carat gold was selling at Rs 1,50,950. In Mumbai, 24-carat gold was slightly lower at Rs 1,64,510 per 10 grams and 22-carat gold was quoted at Rs 1,50,800. Meanwhile, in Kolkata, 24-carat gold also stood at Rs 1,64,510 per 10 grams, whereas 22-carat gold was available at Rs 1,50,080 per 10 grams.
Gold, Silver Rate Today Live: Spot gold at $5,166/oz mark
On MCX, the April delivery contract for gold was trading at Rs 1,63,530 per 10 grams up 1.5% from its previous close. While the May delivery contract of silver was up 2.7% trading at Rs 2,72,442 per kg.
In international markets, spot gold is currently trading near the $5,166/oz mark while spot silver is nearing the $85/oz mark.
Gold, Silver Rate Today Live: Comex Silver slides 8%
"Comex Silver declined over 8% in the last session, settling around the $82 level. The stronger US dollar and rising inflation concerns curbed demand for safe-haven assets amid escalating geopolitical tensions." Axis Securities said in a note.
It added that expectations for the next Fed rate cut have shifted from July to September, though two 25-bps reductions remain priced in.
Gold, Silver Rate Today Live: Axis Securities on gold
"Gold dropped 4.5% to $5,088 per ounce on Tuesday, pressured by a stronger U.S. dollar and rising inflation concerns that dampened safe-haven demand despite escalating geopolitical tensions. Higher fuel costs lifted bond yields, prompting markets to reassess the Federal Reserve’s policy outlook" Axis Securities said.
Gold, Silver Rate Today Live: MCX Silver trade Rs 2.6-2.8 lakh/kg
"MCX Silver futures are currently trading around ₹2,60,000–₹2,80,000 following a gap-up opening. The long-term bullish framework remains intact, supported by favorable global cues amid heightened geopolitical tensions. " Ponmudi R, CEO of Enrich Money said.
He added that prices continue to extend their upward trajectory, with short-term momentum turning decisively positive. Key support lies within the ₹2,50,000–₹2,70,000 zone. A sustained hold above this region could trigger further upside toward ₹3,00,000–₹3,20,000. Dips toward strong support zones may provide accumulation opportunities for positional traders, although a decisive breakdown below these levels could accelerate downside pressure.
Ten gram silver price various cities of India:
Silver rate in Mumbai: Rs 2,716
Silver rate in Ahmedabad: Rs 2,720
Silver rate in Chennai: Rs 2,724
Silver rate in Bangalore: Rs 2,718
Silver rate in Delhi: Rs 2,712
Here is the price list of 24-karat gold 10 grams gold across various cities in India:
Gold rate in Mumbai: Rs 1,63,270
Gold rate in Ahmedabad: Rs 1,63,490
Gold rate in Chennai: Rs 1,63,750
Gold rate in Bangalore: Rs 1,63,400
Gold rate in Delhi: Rs 1,62,990
Gold, Silver Rate Today Live: MCX Gold up 1%, Silver up 2%
On MCX, the most-active gold delivery contract is trading at Rs 1,63,308 per 10 grams, up over 1% from its previous close.
While the most-active silver contract is trading at Rs 2,71,350 per kg up over 2% from its previous close.
Gold, Silver Rate Today Live: MCX Gold trading at Rs 1.6 lakh- Rs 1.7 lakh range
"MCX Gold futures are trading within the ₹1,60,000–₹1,70,000 range. Prices are currently consolidating with a mildly positive bias as safe-haven demand remains supported by global geopolitical uncertainty. " Ponmudi R, CEO of Enrich Money said.
He added that strong buying interest is visible within the ₹1,58,000–₹1,62,000 demand zone, which has emerged following the recent surge driven by Middle East tensions.
Gold, Silver Rate Today Live: Gold and Silver faced heavy profit-booking
On Tuesday, gold and silver witnessed extended sharp declines on back of heavy profit-booking and a firm dollar index.
Reduced expectations of rate cut by the US Federal Reserve also weighed on the sentiment as the metals consolidated from their Monday's highs.
However analysts have suggested that underlying fundamentals for gold remain intact.
Gold, Silver Rate Today Live: MCX Gold and Silver Futures open in green
In international markets, spot gold is currently trading near the $5,173/ oz mark, up nearly 2% on day.
While spot silver is trading near the $85/oz mark, up over 3% on day.
On MCX, the April delivery contract for Gold is trading at Rs 1,63,369 per 10 gram, up 1.4% from its previous close. While the May delivery contract for silver is trading at Rs 2,72,499 per kg, up nearly 3% from its yesterday's close.