Amidst the ongoing turmoil in the global market and increasing tension in the Mid-East, a mixed trend is being seen in the Indian bullion market today. Gold prices are under pressure in the Indian futures market (MCX) on April 29. The price of gold has slipped below the level of Rs 1.50 lakh per 10 grams. However, market experts believe that this decline is limited, but the fluctuations remain continuous. On the other hand, silver prices are showing strength and are trading above Rs 2.43 lakh per kg.
This movement in Indian markets is due to global signals. Spot gold in the international market currently remains below $4,600 per ounce. At the same time, an increase of about 1% is being seen in spot silver, due to which silver prices are getting support at the domestic level. Silver is currently close to the level of $74 per ounce.
Connection of crude oil and Hormuz crisis
Surprisingly, despite the fall in crude oil prices, precious metals remain volatile. Brent crude remains above $111 and WTI crude above $99, which are still considered high levels. The biggest concern is about the Strait of Hormuz. President Donald Trump’s latest statement and the ongoing standoff with Iran have created fear regarding energy supply. Due to the closure of the Strait of Hormuz, 20% of the world’s oil and gas supply has been affected. The International Energy Agency (IEA) has described it as the biggest ‘supply shock’ in history, which has deepened the threat of rising inflation across the world.
What is the latest price of 24K gold?
Due to fear of rising inflation, investors are turning to gold as a safe investment, but at present there is a slight softening in prices due to profit booking. Today the price of 24 carat gold in major cities of India is ₹ 1,49,950 lakh.
