Gold shines bright over high demand amid Middle-East tensions, silver up 0.5%
Gold prices surged on Thursday, April 18, as persistent geopolitical tensions in the Middle East added to the yellow metal’s appeal despite robust economic data from the US that raised prospects of fewer interest rate cuts. In the Middle East, Israel has signalled that it will retaliate to a volley of attacks from Iran despite calls for a restrain from Western countries.
Higher interest rates reduce the appeal of holding non-yielding gold. Spot gold firmed 0.8 per cent at $2,378.53 per ounce. Gold prices touched an all-time high of $2,431.29 last Friday. US gold futures rose 0.2 per cent to $2,392.90. Spot silver rose 0.5 per cent to $28.36 per ounce. Platinum was flat at $938.15, and palladium gained 0.8 per cent to $1,034.50, according to news agency Reuters.
Back home, gold prices fell from an all-time high level and traded lower by ₹250 at ₹73,700 per 10 grams amid a decline in the yellow metal’s rates in the global markets, according to HDFC Securities. The precious metal had settled at ₹73,950 per 10 grams in the previous session. However, silver prices remained flat at ₹86,500 per kg.
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Published: 18 Apr 2024, 09:34 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.