Gold and silver prices moved higher on Friday morning as investors rushed toward safe-haven assets.
The rise was mainly driven by growing tensions in the Middle East and a weaker US dollar.
On the Multi Commodity Exchange (MCX), gold prices jumped by nearly ₹1,200 per 10 grams, while silver prices surged by more than ₹6,000 per kilogram in early trading.
At around 9:30 a.m., gold for April delivery was trading at ₹1,60,880 per 10 grams, up by ₹1,207.
Silver was trading at ₹2,67,894 per kilogram, gaining ₹5,703.
However, prices cooled slightly after the early spike.
Gold later slipped to ₹1,60,710, while silver fell to ₹2,67,123 per kilogram during the same trading session.
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Strong Movement in the International Market
Precious metals also recorded gains in global markets.
In international trading, spot gold rose nearly 1% to $5,124.73 per ounce, while spot silver increased 1.7% to $83.57 per ounce.
Despite Friday’s rise, gold has still fallen nearly 3% this week.
Analysts say this decline is linked to inflation concerns, rising energy prices, and reduced expectations that central banks will cut interest rates soon.
Why Gold and Silver Prices Are Rising
Experts say the main reason behind the latest surge is growing geopolitical tension in the Middle East.
The ongoing strain involving Iran, Israel, and the United States has pushed investors toward safer assets like gold and silver.
At the same time, a weaker US dollar has further supported the rise in precious metal prices.
When global uncertainty increases, investors often shift their money to assets that are considered safer, such as gold and silver.
Gold Prices in Major Indian Cities
Gold prices also vary across major cities in India.
In Delhi, the price of 24-carat gold is ₹1,30,416 per 8 grams, while 22-carat gold is ₹1,19,552 per 8 grams.
In Mumbai, 24-carat gold is priced at ₹1,30,296 per 8 grams, and 22-carat gold is ₹1,19,432 per 8 grams.
In Chennai, 24-carat gold has reached ₹1,31,952 per 8 grams, while 22-carat gold is ₹1,20,952 per 8 grams.
In Hyderabad, 24-carat gold is ₹1,30,296 per 8 grams, and 22-carat gold is ₹1,19,432 per 8 grams.
Expert Advice for Investors
According to Manoj Kumar, gold and silver prices may remain volatile during the day.
He explained that several factors could influence prices, including movements in the dollar index, tensions between the United States and Iran, and the upcoming US employment data.
Manoj Kumar advised investors to avoid taking new positions in gold or silver until the US jobs data is released, as the market could see sudden price swings.