Gold Rates & Silver Rates Today Live: Physical Gold Rates Jump, MCX Gold & Silver Outlook; 24K, 22K, 18K Gold

Gold rates in India witnessed their first surge in six days on March 7th, tracking an upside in spot gold price to above $5,120 per ounce. The MCX gold price ended sideways at around Rs 161,675 per 10 grams after the evening trade of Friday. The major reason why gold and silver rates are under pressure is the strengthening of the dollar index and higher treasury yields that emerged as crude oil prices rally, sparking inflationary pressure.

On March 7th, the 10 grams gold price surged by Rs 2,510 to Rs 163,640 in 24 carat. Gold rates have dropped by nearly Rs 110,000 in 100 grams and Rs 11,000 in 10 grams from March 2nd to March 6th.

Also, spot gold and MCX gold have ended the trading week between March 2nd to March 6th on a bearish note despite geopolitical risks in Middle East led upside in demand for bullion.

In another news, the US witnessed unemployment rate rising above 4.4% which is higher than market estimate of 4.3%, reflecting the deteriorating health of the domestic labor market after a surprise drop in non-farm payrolls.

This poor performance prompted a rapid shift in sentiment, as traders now weigh the heightened risk of recession against the Federal Reserve's restrictive stance on interest rates amid inflation resurgence concerns. While inflationary fears tied to the Middle East conflict persist, the demand for gold as a hedge against systemic economic instability has effectively outweighed the headwinds from investors seeking US dollar liquidity, as per Trading Economics.

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