Gold and silver prices in India touched a six-day high on Saturday, with a similar upward trend expected to continue today, driven by safe-haven demand amid the escalating crisis in West Asia.
On Saturday, 24-carat gold surged above $5,120 per ounce internationally, while domestic MCX gold futures reached ₹161,675 per 10 grams in Friday evening trade. The rally reflects renewed investor flight to precious metals as the ongoing war in the Middle East fuels uncertainty.
Current domestic prices (as of March 8): 24-carat gold (99.99 per cent purity): ₹16,380 per gram; 22-carat gold (91.6 per cent purity): ₹15,015 per gram; 18-carat gold (75 per cent purity): ₹12,288 per gram.
However, both metals face counter-pressure from a strengthening dollar index and rising US Treasury yields, triggered by sharp increases in crude oil prices and global inflation concerns.
Silver showed a slight decline on March 8, trading at ₹285 per gram (₹285,000 per kilogram), marginally lower than the previous day.
Analysts note that prices could ease in the coming days if US measures to stabilise oil supplies and global markets prove effective.
Meanwhile, India continues to purchase Russian oil despite the closure of the Strait of Hormuz. Russia has refused to offer discounts to Indian refiners, opting instead to supply at prevailing market prices to maximise profits during the 30-day US waiver granted to Indian firms.
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