Gold Silver Price Today: Gold prices rise again, price crosses ₹ 1.67 lakh; Know the condition of your city?

Gold Price Today: Gold rose by nearly 1% on MCX on the morning of Thursday, March 5, on increased safe-haven demand amid the US-Iran war. However, a rise in the dollar and weakening expectations of an early rate-cut from the US Federal Reserve capped the yellow metal’s gains. MCX Gold April futures rose ₹1,600, or more than 1%, to ₹1,63,142 per 10 gram, while MCX Silver May futures rose nearly 2% to ₹2,70,501 per kg. In the previous session, MCX Gold April futures contract closed 0.30% higher at ₹1,61,525 per 10 gram and MCX Silver May futures contract closed almost flat at ₹2,65,560 per kg.

high prices for gold again

Meanwhile, the dollar index rose 0.20% to 98.98, making dollar-backed gold costlier against other currencies. The dollar index has gained more than 1% so far this week amid expectations of a delay in the US Fed’s rate cut amid rising inflationary pressure from rising commodity prices due to the US-Iran war. According to CME Group’s FedWatch tool, market participants expect the US Central Bank to keep interest rates stable in March. The focus is on weekly US jobless claims data due on Thursday and US employment data for February due on Friday for further signals on the Fed’s interest rate trajectory.

Gold prices in your city

Gold Price Today 3 March: What is the condition of gold a day before Holi, is there any relief on the festival?

What do experts say

On the geopolitical front, the US-Iran war continues. The US and Israel have struck nearly 2,000 targets in Iran since the start of Operation Epic Fury, according to a Wednesday update from US Central Command, including its ballistic missile hubs, naval assets and its intelligence services. Manoj Kumar Jain of Prithvifinmart Commodity Research expects that the prices of gold and silver will remain volatile this week. He expects gold to find support at $5,080 and $5,034, while resistance may lie at $5,220 and $5,280 per troy ounce.

It is necessary to deposit minimum amount in PPF – Sukanya till 31st March, know the important rules

The post Gold Silver Price Today: Gold prices rise again, price crosses ₹ 1.67 lakh; Know the condition of your city? appeared first on Latest.