Gold Silver Rate Today: Demand for gold increased amid Israel-Iran war, know how much the price increased in 4 days?

Gold Silver Rate Today: The increasing war in the Middle East has shaken the global energy market. Due to this, investors are turning towards safe-haven assets. Gold is increasing for the fifth consecutive day. Gold prices rose 0.8% to $5,360 an ounce.

Today, on March 3, the price of 24 carat gold in Delhi has reached Rs 170,650 per 10 grams. At the same time, gold is trading at Rs 170,650 in Mumbai. The price of gold in Chennai is slightly higher than other states. Here the price of 10 grams of gold is Rs 170,830 per 10 grams.

It has increased by more than 3% in the last four sessions. The impact of this fight is being felt in the entire area. Meanwhile, US President Donald Trump has said that the US will continue its military attack as long as necessary. Meanwhile, Israel has started a new wave of attacks targeting Iranian command centers. Tehran has attacked oil and gas infrastructure and threatened shipping in the Strait of Hormuz.

Rising energy prices have increased the fear of inflation in the US. As a result, US Treasury yields have declined. Now the possibility is increasing that the Federal Reserve will keep interest rates unchanged for a long time. Traders are now expecting a rate cut by September.

Effect of rising inflation in US

Even before the US-Israeli attacks on Iran over the weekend, there were signs that inflation was on the way in the US. According to a report by the Institute for Supply Management, manufacturing input prices in February increased at the fastest pace since 2022. JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon has warned that inflation could become a villain for the US economy.

Gold has gained about 0.25% so far this year

So far this year, gold has gained about 0.25%. Persistent geopolitical and trade tensions as well as concerns about the independence of the Federal Reserve have supported demand. Gold prices have increased rapidly due to massive withdrawal of gold from debasement trade, i.e. bonds and currency. In late January, gold had reached a record high of more than $5,595 per ounce.

A look at spot prices

By 8:50 am in Singapore, spot gold was trading 0.6% higher at $5,354.32 an ounce. Silver rose 1.9% to $91.11 after closing 4.7% lower on Monday. Platinum and palladium also increased. The Bloomberg Dollar Spot Index, a gauge of the US currency, is trading flat after closing 0.7% higher in the previous session.

A slight increase is being seen in the prices of silver before Holi. Today, Tuesday, March 3, the price of silver in Delhi’s bullion market is Rs 3,15,100 per kg. Due to increasing tension between US, Israel and Iran, investors are turning towards safe investments. For this reason, silver prices are increasing today.