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Gold, Silver Prices Tumble Sharply Amid West Asia Tensions; Investors Turn Cautious
Gold Silver Rates Today: Gold and silver prices fell due to ongoing tensions in West Asia. Silver fell by ₹9050, while gold reached ₹1.37 lakh per 10 grams.
Gold and silver prices declined on Tuesday amid the prevailing tensions in West Asia. The price of silver declined by ₹9050 and was recorded at ₹2.16 lakh per kg, whereas the price of gold declined by ₹2360 and was recorded at ₹1.37 lakh per 10 grams.
On Monday, the price of gold on the COMEX was recorded at $4,462 per ounce after a decline of around 3%. This was the worst week for the price of gold since 1983. The price of gold declined by around 11%. The price of silver was also recorded at a decline of around 3% and was recorded at $67.5 per ounce on the COMEX during the trading session in Asia.
The prices of precious metals continue to decline amid the prevailing tensions in the Middle East due to the Iran conflict, which is now in its fourth week. The price of spot gold has declined by around 15% since the tensions escalated on February 28, falling nearly 22% from its record high set in January.
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Experts say that gold is generally considered a safe-haven against inflation, but this time, fears of rising interest rates are proving negative for it. Higher energy prices are likely to increase inflation, which could lead central banks to keep interest rates high for longer. Since gold pays no interest, investors are avoiding it.
According to analysts, sharp fluctuations in gold prices may continue in the near future as investors adopt risk-reduction strategies. Geopolitical tensions related to Iran have increased inflation concerns, weakened expectations of interest rate cuts, and also put pressure on global economic growth.
Gold fell to a four-month low of $4,098 per ounce in early trading on Monday. This decline was driven by significant weakness in China's stock market, which recorded its biggest drop in a year. However, some recovery followed, and spot gold was trading down 2.5% at $4,377 per ounce. The market experienced some relief when US President Donald Trump indicated he was postponing potential attacks on Iran's energy infrastructure.
