3 weeks ago
Gold, Silver Rates Climb Amid Soaring Crude Oil Prices
Gold and silver are precious metals that people buy to keep their money safe.
Lately, their prices have been going up.
Oil prices are also rising, which can make many everyday things more expensive.
One big reason is a disagreement between the United States and Iran.
Reports said the US stopped a ship in the Gulf of Oman, and that made countries worried about oil supplies.
When people feel worried, they often buy gold and silver, pushing prices higher.
The US is also releasing new numbers about inflation today.
Inflation measures how fast prices of things go up.
If inflation looks high, many experts think gold and silver prices will climb even more.
Right now prices are high, but nobody knows for sure if they will keep rising.
COMEX gold recovered to near $4,462 per ounce, while MCX gold traded around ₹1,54,500 per 10 gm.
COMEX silver traded near $65.50 per ounce, with MCX silver touching an intraday high of ₹2,38,271 per kg.
WTI crude oil held around $84.50 per barrel, with MCX crude near ₹8,020 per barrel, on a firm geopolitical risk premium.
The Indian Rupee stayed relatively stable around 95.4 against the US dollar, remaining above its 200-day moving average.
Analysts cited tensions between the US and Iran and the upcoming US inflation print as key triggers for gold, silver, and oil prices.
- Who
- Commodity traders and investors in global and Indian markets; analysts Ponmudi R (CEO of Enrich Money) and Anuj Gupta offered commentary.
- What
- Gold, silver, and crude oil prices recovered and moved higher, while USD/INR stayed firm around 95.4 amid US-Iran tensions.
- Where
- Global commodity markets, including COMEX in the US and MCX in India; US-Iran tensions centered on the Gulf of Oman.
- When
- On the day of reporting, with US inflation data expected to be released the same day.
- Why
- Escalating US-Iran tensions over a vessel targeted in the Gulf of Oman and expectations about the US inflation print are driving prices.
Key facts
- COMEX Gold
- ~$4,462 per ounce
- MCX Gold
- ~₹1,54,500 per 10 gm
- COMEX Silver
- ~$65.50 per ounce
- MCX Silver
- ~₹2,37,500 per kg (intraday high ₹2,38,271)
- WTI Crude Oil
- ~$84.50 per barrel
- MCX Crude Oil
- ~₹8,020 per barrel
- USD/INR
- ~95.40
- MCX Zinc
- ~₹395 per kg
Quotes
Ponmudi R
CEO at Enrich Money
“The US‑Iran tension escalated after reports that the US targeted a vessel in the Gulf of Oman over an alleged breach of the Iran blockade. Washington also warned that continued attacks on maritime traffic could keep fuel prices elevated, further clouding the outlook for a diplomatic resolution and reinforcing concerns over energy security.”
livemint.com
“Crude oil prices extended their recent gains as the geopolitical risk premium remained firmly embedded in energy markets.”
livemint.com
Anuj Gupta
SEBI‑registered market analyst
“Investors are advised to remain vigilant about the US inflation print coming today. Any rise in the inflation print would hit the US Fed's inflation hopes, which is expected to push gold and silver prices higher. Other commodities that are imported may also see some upside on the future price rise buzz.”
livemint.com
Sources
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