Gold Silver Price: In a turn of events that have sent ripples through the bullion market, the ongoing conflict between Israel and Hamas has ignited a newfound shine in the demand for gold. Investors seeking safe havens are witnessing a rapid surge in the demand for this precious metal. On the Multi Commodity Exchange (MCX), gold is trading at a robust INR 59,648 per kilogram, marking an increase of INR 430 per ten grams. Similarly, the price of silver has witnessed a significant rise, jumping from INR 660 to INR 72,226 per kilogram.
International Gold-Silver Market
The tension in the Middle East has not only impacted local markets but has also reverberated in the international bullion market. As a result, there has been a significant upswing in gold prices on the international spot market. On the COMEX, the price of gold is being quoted at $1,950 per ounce. This surge is directly attributed to the escalating tensions in the Middle East, causing investors to flock to the safe haven of gold. Simultaneously, the price of silver has also surged, currently trading at $23.22 per ounce on the COMEX.
Gold in Delhi’s Sarafa Market
In the heart of India’s capital, Delhi, the Sarafa market saw gold closing at INR 60,150 per 10 grams on Tuesday. The dip of INR 300 in silver prices was equally noticeable, with silver now priced at INR 73,700 per kilogram. This marks a significant shift from the previous trading session when silver was valued at INR 74,000 per kilogram.
Gold and Silver – A Safe Haven Amidst Chaos
As the world watches the turbulent developments in the Middle East, the demand for precious metals, especially gold and silver, has skyrocketed. Investors are seeking refuge in these age-old safe havens to protect their wealth amidst uncertainty. The demand surge is not limited to local markets but has also spilled into the global arena.
The MCX’s gold price hike is a clear reflection of the market’s response to the Israel-Hamas conflict. It has registered a remarkable INR 430 increase per ten grams, attracting investors looking for a secure investment. In the international market, gold’s price surge is even more pronounced, reaching $1,950 per ounce on the COMEX.
Silver, often referred to as “poor man’s gold,” has also witnessed a surge in demand. Its price has jumped from INR 660 to INR 72,226 per kilogram locally, and internationally, it’s being traded at $23.22 per ounce. This surge is attributed to the rising geopolitical tensions, which have prompted investors to diversify their portfolios with silver.
Delhi’s Sarafa market, a bellwether for the Indian subcontinent, witnessed gold closing at INR 60,150 per 10 grams, with silver registering a decline of INR 300 per kilogram, now valued at INR 73,700. This abrupt change in silver’s price from INR 74,000 reflects the market’s uncertainty amidst the ongoing global unrest.
In conclusion, the Israel-Hamas conflict has had far-reaching implications for the global bullion market. The safe haven appeal of gold and silver has become increasingly evident as investors seek to shield their assets from the volatility of geopolitical tensions. The rising prices and heightened demand for these precious metals are a testament to their enduring value in times of chaos and uncertainty.