The rate of 24-carat gold has changed by around 3.7 per cent in the past week, whereas it changed by 15.96 per cent in the last month. Follow US-Iran war live updates
Gold, silver price today: Gold prices surged on Wednesday amid the ongoing US-Iran war and the broader conflict in the Middle East region. The rate of 24-carat gold was recorded at ₹14,429.7 per gram, up by ₹4,905.0. Meanwhile, the 22-carat gold was priced at ₹13,217.605 per gram, up by ₹4492.98.
The price of silver on Wednesday was recorded at ₹236338.0 per kg, up by ₹11881.0.
Gold in India After China, India is the world's second biggest consumer of gold. The majority of the gold requirement is met through imports and the recycling of domestic bullion locally.
While bullion is seen as a hedge against inflation, bond yields and the dollar rate also affect precious metal prices.
Silver in India In terms of silver, India is the world's biggest consumer and a major importer of the precious metal. Other than import duties and other taxes, international prices also play a major role in ascertaining domestic silver prices.
Global gold prices amid Middle East conflict Gold prices surged more than 2 per cent on Wednesday after reports of US President Donald Trump sending a peace plan to Iran to end the raging war in the Middle East.
Spot gold rose 2.5 per cent to $4,587.09 per ounce, while US gold futures for April delivery surged 4.2 per cent to $4,586.10.
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Bullion took a 1.6 per cent jump in the previous session, and on Wednesday, it surged as much as 2.8 per cent to top $4,600 per ounce.
In recent weeks, the decline in global markets forced investors to ditch their gold positions to raise cash, amplifying the losses in bullion.
Gold is "likely to stay sensitive" in the near term to Fed policy-path expectations, the US dollar, and geopolitical developments, Christopher Wong, a strategist at Oversea-Chinese Banking Corp, was quoted as saying by Bloomberg.
He added that the "rebound suggests dips may continue to find support unless real yields move meaningfully higher.”
Silver prices on the rise today Spot silver reportedly climbed 3.6 per cent to $73.78 per ounce on Wednesday, with spot platinum gaining 2.2 per cent to $1,978.10, and palladium surging 1.5 per cent to $1,461.56, Reuters reported.
Following Trump's reported peace plan proposal to Iran, the US dollar also eased, taking off the pressure of precious metals, for a change.
Christopher Wong said that the US dollar's strength eased as hopes for a de-escalation in the Middle East conflict increased. He added that the safe-haven feeling triggered the demand to reassert.
"This reinforces the view that gold didn't lose its safe-haven appeal. It was briefly crowded out by the USD, and now that pressure is easing," Wong added.