Gold Silver Rates Today: Precious metals’ rates jump as Israel-Hamas war continues

Spot gold jumped 0.4 per cent to $1,986.79 per ounce by 0348 GMT. US gold futures edged up 0.1 per cent to $1,997.10.

In Chennai, 24-carat gold was selling at Rs 62,200 per 10 grams; in Mumbai at Rs 61,960; in Delhi, at Rs 62,110; in Kolkata and Bangalore at Rs 61,960.

The ongoing Israel-Hamas conflict has increased the demand for gold, as the precious metal is often sought as a safe asset in times of economic and political turmoil, although higher interest rates dampen the appeal of bullion, which pays no interest.

“The impact of geopolitical events has been generally short-lived on gold versus the impact of macro events or financial catastrophes that may force global authorities to implement very aggressive monetary and fiscal policies,” Nikos Kavalis, Managing Director at Metals Focus told Reuters.

Meanwhile, silver prices jumped by Rs 500 per kg to Rs 75,100. In Chennai, the precious metal is selling at Rs 78,000 per kg, followed by Rs 75,100 in Mumbai, Delhi, and Kolkata, and at Rs 73,000 in Bangalore and Hyderabad.

Spot silver gained 0.2 per cent to $22.93 an ounce.

(With Reuters’ inputs)