Gold Rate Today: MCX Gold Price Surges Above ₹1.48 Lakh, Silver Jumps 6% - Outlook Ahead
Gold and silver prices on the Multi Commodity Exchange of India (MCX) opened sharply higher on Tuesday, following a significant rally in international bullion markets. This rebound comes after prices hit near one-month lows in the previous session, with market participants adjusting to the absence of key economic data due to a partial US government shutdown.
MCX Gold and Silver Price Movement
MCX gold rate today for April futures contracts opened 2.78% higher at ₹1,48,000 per 10 grams, compared to its previous close of ₹1,41,669. This marks a substantial recovery, pushing gold prices above the ₹1.48 lakh threshold.
Similarly, MCX silver price for March futures contracts opened 4% higher at ₹2,45,711 per kg, up from its previous close of ₹2,36,261. The sharp increase in silver prices reflects broader bullish sentiment in the precious metals market.
International Bullion Market Rally
In the international market, gold prices rose more than 3%, rebounding from a near one-month low. Spot gold price rallied 3.7% to $4,837.16 per ounce, after touching that low in the previous session. US gold futures for April delivery climbed even higher, with a 4.5% increase to $4,859.30 per ounce.
Spot silver price jumped 5.9% to $84.09 an ounce, indicating strong demand and market volatility. It's worth noting that gold recently scaled a record high of $5,594.82, while silver hit a lifetime high of $121.64 on Thursday, highlighting the potential for further gains.
Market Drivers and Outlook
The primary driver behind today's price surge is the partial US government shutdown, which has led to a lack of key economic data this week. This absence creates uncertainty, prompting investors to seek safe-haven assets like gold and silver. Market participants are bracing for this data vacuum, which typically increases volatility in commodity markets.
Looking ahead, the outlook for gold and silver prices remains cautiously optimistic. Factors such as geopolitical tensions, inflation concerns, and central bank policies will continue to influence prices. However, the current rally suggests that bullish sentiment may prevail in the short term, especially if the US shutdown prolongs or other economic uncertainties arise.
Investors and traders should monitor upcoming economic indicators and government announcements closely, as these could trigger further price movements. The commodity market, particularly precious metals, is likely to experience heightened activity in the coming days.
