Gold and Silver Prices Today: Compare Rates in Major Cities on April 12 for Potential Savings

Gold and silver prices saw an increase on the Multi Commodity Exchange (MCX) today, April 12, 2024.

Gold and Silver Prices on the MCX

Gold prices opened at Rs 72,510 per 10 grams on the MCX and reached an intraday low of Rs 71,999. In the international market, prices were around $2,386.02 per ounce. Silver opened at Rs 83,239 per kg and hit an intraday low of Rs 83,238 on the MCX, while in the international market, the price hovered around $28.76 per ounce.

Kaynat Chainwala, Senior Manager-Commodity Research at Kotak Securities, mentioned that despite the dollar and US benchmark treasury yields remaining elevated, COMEX Gold prices closed higher on Thursday. This was due to investors digesting geo-political risks combined with mixed inflation data. Additionally, the minutes of the March FOMC meeting showed that the Federal Reserve is cautious about reducing the target range until inflation shows sustainable movement towards 2%. Moreover, on Friday, COMEX Gold futures rose to a fresh record high, exceeding $2400 per troy ounce levels, amidst concerns of a potential wider conflict in the Middle East.

Gold and Silver Prices in Metro Cities

Additional Insight

COMEX Gold hit a fresh record of $2412.8/oz due to escalating geopolitical tensions in the Middle East. Traders also responded to mixed US inflation figures, with the US consumer price index rising 3.5% on a year-on-year basis, surpassing estimates. The producer price index increased by 2.1% from a year earlier, slightly below the expected 2.2%, according to a Kotak Securities Research Report.

The CME Fed watch tool indicates that there is now only a 41% probability for a July rate cut. Israel is bracing for a potential direct attack from Iran following Iran’s promise to retaliate against a suspected Israeli assault on its embassy in Syria. Talks of a ceasefire between Israel and Hamas remain at a standstill.

Furthermore, COMEX Silver prices rose over 2% in early Asian trading, reaching their highest levels since February 2021. This increase mirrors the rally in gold prices, and early signs of demand recovery in China along with improving Manufacturing PMIs from the US and Europe support the demand outlook. Despite stronger yields and the dollar, the prospects of escalating geo-political tensions are bolstering bullions, as noted in the Kotak Securities Research Report.