MCX-Influence of the rise in gold and silver prices, Middle East tensions and dollar strength

The increasing political tension in the Middle East and the impact of the global economic situation are clearly reflected in the markets. Due to this, there are continuous fluctuations in the prices of gold and silver in India.

Despite continued demand for gold, which is considered a safe investment, prices of both precious metals declined in the domestic futures market on Thursday.

Indian investors and jewelery buyers are currently monitoring the changes in the international market, US dollar and import duties. These are having a direct impact on domestic prices.

On Thursday, the Multi Capital Market of India (MCX) was seen weak in both gold and silver. Gold contracts for delivery on June 5 fell by about 0.42%. In intraday trade, 10 grams of gold fell by about ₹ 687, the price of gold fell to about ₹ 1,59,319.

Silver contracts for July 3 delivery fell about 1.4%. The price of silver fell by about ₹ 3,864 per kg, reaching about ₹ 2,70,401 per kg.

Experts said precious metals booked profits due to the appreciation of the dollar in world markets and cautious attitude of investors.

Gold prices remain at historically high levels after the recent correction. International tensions, purchases by central banks and increased need for safe investments are supporting gold.

If global tensions increase further or the US dollar weakens, gold prices could rise again to new highs, analysts said.

The price of 24 carat gold in Delhi was Rs 16,024. 22 carat gold was ₹14,676 and 18 carat gold was ₹12,011.

In Mumbai, 24 காராட தங்கம் ஗ரமம் was priced at ₹15,994, 22 கார் தங்கம் ₹14,661 and 18 காராட தங்கம் was ₹11,996.

In Chennai, 24 காராட்டங்கம் ஗ரம்முகம் was ₹16,168, 22 காராட் தங்கம் ₹14,811 and 18 காராட் தங்கம் was ₹12,426.

கில்கமத்தவிவி 24 காராட்டங்கம் ஗மம்கம் was ₹15,994, 22 காராட்டங்கம் was ₹14,661 and 18 காராட்டங்கம் was ₹11,996.

Prices in cities including Bangalore, Hyderabad, புள, அமத்தாராப் and வடோத்தரா continued to remain near the same level.

The average price of silver in India was ₹ 285.10 per gram, ₹ 28,510 per 100 grams and ₹ 2,85,100 per kilogram.

In the major cities of Delhi, Mumbai and Kerala, the price of silver per kg was ₹ 2,85,100. In Chennai and Hyderabad, the price of silver per kg was recorded at ₹ 2,90,100.

Experts said industrial demand and global economic activity have a major impact on silver prices.

The Indian government has recently increased the import duty on gold and silver to 15%. Earlier it was around 6%.