Gold and Silver Prices Rise Today Amid Market Volatility The prices of gold and silver saw a significant increase today, Friday, compared to the previous day, Wednesday. According to the Indian Bullion Jewellers Association, the rate of 24-carat gold rose to 157,043 rupees per 10 grams, up from 156,072 rupees per 10 grams recorded on Wednesday. This marks a rise of 971 rupees in the price of gold since the last update. The price of silver also surged, with the rate for 1 kilogram of silver reaching 263,966 rupees, up from 260,917 rupees per kilogram on Wednesday. The increase in silver prices amounted to 3,043 rupees per kilogram. The surge in gold and silver prices is attributed to ongoing uncertainties in global markets, particularly the unresolved tensions between Iran and the United States. Analysts suggest that these geopolitical factors have kept investors cautious, driving demand for safe-haven assets like gold and silver. Additionally, the recent rise in oil prices has further pressured inflation, making precious metals more attractive as a hedge against economic instability. The Indian government has also played a role in influencing the market. Earlier this week, the government increased the import duty on gold from 6% to 15%, aiming to curb domestic demand and stabilize the market. Prime Minister Narendra Modi has also urged citizens to avoid purchasing gold and silver for a year, citing concerns over the strong value of the US dollar against the Indian rupee. These measures have contributed to the fluctuating prices of gold and silver in the domestic market. Despite the recent upward trend, gold prices have remained within a narrow range of 156,000 to 158,000 rupees per 10 grams, while silver prices have fluctuated between 260,000 and 272,000 rupees per kilogram.#gold #iran #united_states #indian_bullion_jewellers_association #prime_minister_narendra_modti
