Gold Silver Rate Today: Prices jump as demand for safe-haven asset rises
Gold is often used as a safe store of value during economic and geopolitical stress and the rate of the precious metal has jumped over $130 or nearly 8 per cent since falling to a seven-month low on October 6.
24-carat gold was trading at Rs 60,910 per 10 grams, up from Rs 270 from yesterday's closing price of Rs 60,640, according to Goodreturns. (File image) Gold Silver Rate Today (October 19): Gold rates jumped on Thursday, while silver prices slipped as escalating West Asia conflict buoyed the demand for the safe haven.
24-carat gold was trading at Rs 60,910 per 10 grams, up from Rs 270 from yesterday’s closing price of Rs 60,640, according to Goodreturns.in. For 22-carat gold, the rate for 10 grams metal was 55,850, up Rs 250 from previous’s day closing.
According to Reuters, Spot gold was steady at $1,948.06 per ounce by 0522 GMT after hitting its highest since August 1 on Tuesday. US gold futures eased 0.4 per cent to $1,960.10.
Gold is often used as a safe store of value during economic and geopolitical stress and the rate of the precious metal has jumped over $130 or nearly 8 per cent since falling to a seven-month low on October 6.
“Gold’s resilience in the face of rising yields and a rebounding US dollar, especially over the past several days, have really been a testament to the geopolitical backdrop,” Ilya Spivak, head of global macro at Tastylive told Reuters.
On the flip side, silver prices Rs 500 per 1 kg to 74,100 from Rs 73,600 from previous day’s closing rate.
Spot silver rose 0.1 per cent to $22.90, platinum slipped 0.6 per cent to $880.15 and palladium fell 1.2% to $1,116.17.
(With inputs from Reuters)
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