New Delhi. The effect of ongoing geopolitical tension in the global markets is now clearly visible on the prices of gold and silver. Especially due to the increasing tension in the Middle East, the inclination of investors is changing rapidly, due to which major fluctuations were seen in the commodity market on March 18. While gold prices registered a slight rise, silver prices appeared to be under pressure.
Slight rise in gold, fall in silver
The price of gold on the international market COMEX increased by about 0.17% to $5,016.90 an ounce. On the other hand, the price of silver fell to around $79.465 an ounce, which is below the level of $80. At the same time, a similar trend was seen on the domestic market MCX, where after the first day’s rise, a decline in silver and a rise in gold were recorded.
What was the situation in the domestic market?
In the recent trading session in India, gold price reached around ₹1,56,100 per 10 grams, while silver closed at ₹2,55,470 per kg. It is clear from this that at present the confidence of investors seems to be leaning more towards gold.
Why are there ups and downs?
According to experts, many global factors like the ongoing tension in the Middle East, rise in crude oil prices and the strength of the dollar are affecting the market. Investors look for safe investments in an uncertain environment and gold has traditionally been considered a safe investment. Industrial demand also affects silver, due to which it fluctuates more.
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