Mumbai, March 11: The escalating tensions in the Middle East have led to significant volatility in the global markets, particularly affecting the prices of precious metals such as gold and silver.
According to data from the India Bullion and Jewellers Association (IBJA), the price of 999 purity gold reached ₹1,60,230 per 10 grams on Wednesday, up from ₹1,60,188 on Tuesday, marking an increase of ₹42 in just one day.
In contrast, the price of 999 purity silver saw a sharp decline, dropping to ₹2,66,010 per kilogram on Wednesday from ₹2,70,944 per kilogram on Tuesday, resulting in a decrease of ₹4,934 per kilogram.
On the Multi Commodity Exchange (MCX), as of around 5:57 PM, gold for April delivery was trading at ₹1,62,348 per 10 grams, reflecting a decline of ₹955 or 0.58%. Meanwhile, silver for May delivery fell by 2.71%, or ₹7,524, to ₹2,70,326.
Manav Modi, a commodities analyst at Motilal Oswal Financial Services Limited, commented on the market’s downturn, attributing it to mixed signals regarding the ongoing conflict. U.S. President Trump had previously indicated that the conflict might end soon; however, as of Wednesday morning, there were no signs of de-escalation in the ongoing tensions between the U.S., Israel, and Iran, which have now persisted for twelve consecutive days.
President Trump has urged Israel to refrain from attacking Iran, while Iran has claimed to have laid mines in the Strait of Hormuz to disrupt shipping.
Market participants are now focusing on upcoming U.S. consumer inflation data, which could provide further insights into the Federal Reserve’s policy outlook. However, these figures may not fully reflect the inflationary impacts of rising energy prices linked to the conflict.
Experts also noted that this week’s U.S. GDP and inflation data will be closely monitored, as they will offer clearer insights into the economic situation and future monetary policy direction, ultimately influencing the future movements of gold and silver prices.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
