Geopolitical Tensions Propel Gold to New Heights While Silver Sees a Slight Decline
In early trading on April 12, the price of gold edged up by Rs 10, while silver experienced a decline of Rs 100 per kilogram. The gold market continues to see fluctuations, influenced by various factors including geopolitical tensions and economic indicators.
According to data from the GoodReturns website, the price of 10 grams of 24-carat gold reached Rs 72,230, marking a modest increase. Conversely, silver prices dipped to Rs 84,900 per kilogram, reflecting a downward trend.
The upward movement in gold prices was mirrored across various cities in India. In Mumbai, Kolkata, and Hyderabad, the price of 10 grams of 24-carat gold remained consistent at Rs 72,230. However, slight variations were observed in other major cities such as Delhi, Bengaluru, and Chennai, where the prices ranged from Rs 72,230 to Rs 73,370.
Similarly, the price of 22-carat gold also saw a marginal rise, with 10 grams being sold at Rs 66,210. This trend was observed in multiple cities, maintaining parity with Mumbai in particular.
Conversely, silver prices witnessed a uniform decline across Delhi, Mumbai, Kolkata, and Chennai, settling at Rs 84,900 per kilogram. However, Chennai stood out with a slightly higher price of Rs 88,400 per kilogram.
Meanwhile, global gold prices surged to a record high amidst ongoing geopolitical uncertainties. The demand for gold as a safe-haven asset remains robust, fueled by concerns over inflation and the cautious approach of the Federal Reserve towards interest rate adjustments.
Spot gold reached $2,386.38 per ounce, hitting a new peak of $2,389.29 earlier in the trading session. Silver, platinum, and palladium also experienced gains, reflecting the prevailing market sentiment.
Despite strong economic data, the prospect of inflation and its potential impact on monetary policy decisions continues to dominate market discussions. The uncertainty surrounding the extent of policy easing by the Federal Reserve adds to the volatility in precious metal prices.
