Gold and silver prices increased on the Multi Commodity Exchange (MCX) today, that is, April 12, 2024.
Gold prices opened on the MCX on Friday at Rs 72,510 per 10 grams and hit an intraday low of Rs 71,999. In the international market, prices hovered around $2,386.02 per ounce. Silver opened at Rs 83,239 per kg and hit an intraday low of Rs 83,238 on the MCX. In the international market, the price hovered around $28.76 per ounce.
Kaynat Chainwala, Senior Manager-Commodity Research, Kotak Securities, said, “COMEX Gold prices pared early losses and closed higher on Thursday, despite dollar and US benchmark treasury yields remaining elevated, as investors digested geo-political risks against mixed inflation data.
The minutes of the March FOMC meeting showed that the Federal Reserve does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2%. COMEX Gold futures rose to a fresh record high in early Asian trading on Friday, surpassing $2400 per troy ounce levels, amid concerns of a wider conflict in middle-east.”
Gold and silver prices in metro cities | ||
City | Gold (per 10 grams, 22 carats) | Silver (per kg) |
NEW DELHI | Rs 66,360 | Rs 84,900 |
MUMBAI | Rs 66,210 | Rs 84,900 |
KOLKATA | Rs 66,210 | Rs 84,900 |
CHENNAI | Rs 67,260 | Rs 88,400 |
COMEX Gold hits a fresh record of $2412.8/oz amid escalating geopolitical tensions in the Middle East, and as traders digested the mixed inflation figures from the US. The US consumer price index climbed 3.5% on a year-on-year basis, beating estimates of 3.4%. The producer price index rose 2.1% from a year earlier, less than the expected 2.2%, as per Kotak Securities Research Report.
According to the CME Fed watch tool, markets are now discounting only a 41% probability for a July rate cut. Israel is preparing for a direct imminent attack from Iran as Tehran vowed to retaliate against a suspected Israeli attack on its embassy in Syria. Ceasefire talks between Israel and Hamas also remain in a deadlock.
COMEX Silver prices are up more than 2% in early Asian trading on Friday and are at the highest levels since February 2021, mimicking a rally in gold prices. Early signs of demand recovery from China coupled with improving Manufacturing PMIs from US and Europe aided the demand prospects. Prospects of escalation in geo-political tensions are offering support to bullions despite stronger yields and the dollar, as per Kotak Securities Research Report.