Gold & Silver Rates Today (24-04-2026): Precious Metals Reverse Trend! MCX Gold Rebounds. Silver Jumps 1%

Gold rates and silver rates in India recovered heavy losses and are on the upside in the commodity market. MCX gold price jumped by Rs 500-600 to reclaim above Rs 1.52 lakh mark, while MCX silver crossed over Rs 2.44 lakh mark ahead of the evening session. In the international market, spot gold and spot silver also gained momentum.

Spot gold is above $4,700 per ounce, while spot silver surged by 1% to near $76 per ounce. The appetite for precious metals surged after crude oil prices fell by 0.5% to 1.5% with US WTI Crude Oil below 95 mark and Brent Crude falling under 105 mark.

Nonetheless, the tensions between the US and Iran continue to escalate as the hostilities at Strait of Hormuz keep energy prices higher and further intensify inflationary fear.

President Donald Trump also said in a social media post on Thursday that he had ordered the US Navy to "shoot and kill" vessels laying mines in the strait, while US forces also boarded a supertanker carrying Iranian oil in the Indian Ocean. Meanwhile, the US-Iran ceasefire has been extended indefinitely as Washington awaits a new formal proposal from Tehran, while the truce between Israel and Lebanon has also been prolonged by three weeks. Elevated energy prices have heightened inflation risks and bolstered expectations of potential central bank rate hikes, weighing on the appeal of non-yielding bullion, as per Trading Economics.

With the delay in resolution between US-Iran, Israel-Lebanon and Israel-Iran, the global economic conditions is uncertain and energy crisis situation worsens. This is why, US Federal Reserve is expected to keep key fund rates unchanged in 2026, compared to earlier expectation of two rate cuts. There is also a possibility of rate hike in 2026. Policymakers are assessing the impact of Iran conflict on inflation and economy.

Investors are also taking note of Fed nominee Kevin Warsh recent statement where he vowed to uphold independence for US monetary policy decisions ahead.

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