Gold and silver—traditionally considered safe-haven investments—witnessed a surge in prices on Friday. Amid rising market uncertainty regarding the situation in the Middle East, investors once again increased their buying of bullion. The price of silver rose by ₹5,380, reaching ₹2.25 lakh per kilogram. Meanwhile, gold prices climbed by ₹1,320 to reach ₹1.41 lakh per 10 grams.
Gold and Silver Performance in Global Markets
In international markets on Friday, the decline in gold and silver prices appeared to halt, with both metals seen trading with slight gains. The market received temporary relief following US President Donald Trump’s decision to once again extend the deadline for an agreement with Iran.
On COMEX, gold rose by 0.33% to reach $4,423 per ounce, recovering from a decline of nearly 3% recorded in the previous session. Meanwhile, silver prices rose by 0.29% and are currently trading at $68.13 per ounce.
Why Did the Decline Halt?
Donald Trump has signaled that the planned action to target Iran’s energy facilities has been postponed for the time being—specifically for 10 days. This has somewhat alleviated investor anxiety, as the conflict that has been ongoing for the past month had significantly heightened market uncertainty.
Why Do Prices Remain Under Pressure?
However, the pressure on gold and silver prices has not yet completely dissipated. There are several major reasons behind this:
Apprehension over High Interest Rates: The surge in energy prices has heightened the risk of inflation, which could prompt central banks to maintain higher interest rates. This tends to dampen demand for non-yielding assets such as gold and silver.
Strong Dollar: The Dollar Index remains anchored near the 100 mark and has gained approximately 2.3% since the onset of the conflict. A strong dollar makes commodities more expensive, thereby weakening demand. Turkey’s Gold Sale: According to a Bloomberg report, Turkey’s central bank sold or swapped approximately 60 tons of gold during the first two weeks of the conflict, placing additional pressure on the market.
A Major Shock in Just One Month
Since the onset of the conflict in West Asia, gold prices have plummeted by nearly 17%. Interestingly, during this period, instead of behaving like a traditional safe-haven asset, gold appeared to move in tandem with the stock market and in the opposite direction to oil prices.
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