On Thursday, gold and silver prices in India experienced a slight increase as the US-Israel-Iran conflict persisted into its sixth day without any signs of de-escalation. This rise followed strong international trends, where bullion continued to gain amid ongoing geopolitical tensions, while stock markets encountered pressure.
On Thursday, the prices of gold and silver saw a modest increase on the Multi Commodity Exchange (MCX). The domestic futures price for 24-carat gold rose by approximately 0.67% to Rs 1,62,600 per 10 grams, while silver climbed 1.9% to Rs 2,70,596 per kilogram.
The Bullions website reports that in India, gold is priced at Rs 1,62,100 for 10 grams, and silver is at Rs 2,66,360 per kilogram. In international markets, spot gold increased by 0.5 percent to $5,164.57 per ounce as of 7:59 a.m. in Singapore. Silver also rose by 0.5 percent to $83.98 per ounce, following a nearly 2 percent gain in the previous session, according to Bloomberg.
Current gold prices
Chennai reported the highest price for 24-carat gold among major metropolitan areas, at Rs 1,62,280 per 10 grams. Hyderabad was next with a rate of Rs 1,62,070, and Bengaluru was priced at Rs 1,61,940.
In Mumbai, gold was priced at Rs 1,61,810 for every 10 grams. Kolkata followed closely with a rate of Rs 1,61,600. Meanwhile, in Delhi, the price was a bit lower at Rs 1,61,530 per 10 grams.
Gold rates (per 10 grams):
• Mumbai: Rs 1,61,810
• Delhi: Rs 1,61,530
• Bengaluru: Rs 1,61,940
• Chennai: Rs 1,62,280
• Hyderabad: Rs 1,62,070
• Kolkata: Rs 1,61,600
Gold prices in India are influenced by changes in global bullion markets, the direction of the dollar, import taxes, and domestic demand, especially from the jewelry industry.
Silver prices increased in various cities, with Chennai offering the highest rate at Rs 2,66,650 per kg, followed by Hyderabad at Rs 2,66,300 and Bengaluru at Rs 2,66,090.
In Mumbai, silver was priced at Rs 2,65,880 per kg, whereas in Delhi, it was quoted at Rs 2,65,420. In Kolkata, the price was Rs 2,65,530 per kg.
Silver rates (per kg):
• Mumbai: Rs 2,65,880
• Delhi: Rs 2,65,420
• Bengaluru: Rs 2,66,090
• Chennai: Rs 2,66,650
• Hyderabad: Rs 2,66,300
• Kolkata: Rs 2,65,530
Investors often turn to precious metals during times of geopolitical tension and financial instability to spread their risk. Gold, especially, has traditionally served as a safeguard against currency fluctuations and inflationary challenges.