Gold Rates & Silver Rates Today Live Updates: MCX Gold & Silver Price Volatile; 24K, 22K, 18K Gold Prices

Gold rates and silver rates in India witnessed volatility on March 13. MCX gold and silver price traded sideways as MCX opened on Friday. Meanwhile, spot gold price surged to around $5,110 per ounce, halting its two-consecutive days losing streak. Also, spot silver price traded higher by 1% to around $85 per ounce.

Crude oil prices witnessed marginal selling pressure, however, Brent crude remained above $100 per barrel and US WTI traded over $95 per barrel, keeping the inflationary risks in the loom.

Safe haven investors are observing the geopolitical risks premium against the inflationary impact due to multi-year high oil prices. Also, dollar index has continued to be firm.

US President Donald Trump and Iran's new supreme leader Mojtaba Khamenei struck defiant tones on the 13th day of the war. Trump said preventing Iran from acquiring nuclear weapons and threatening the Middle East outweighs concerns over oil prices, while Khamenei vowed to keep the Strait of Hormuz effectively closed and warned Tehran could open additional fronts if US and Israeli attacks persist. This has pushed energy prices higher, fueling further inflation concerns and dampening expectations that the Federal Reserve will cut interest rates. Markets see no chance of a reduction at next week's meeting and only about a 70% probability of a cut later this year. Gold is heading for back-to-back weekly losses, as per Trading Economics.

LIVE Feed