Gold Rates & Silver Rates Today Live: MCX Gold & Silver Price To Open Volatile After Holi; 24K, 22K, 18K Gold

Gold rates and silver rates in India will be in focus as spot gold price zoomed for fifth consecutive session as tensions in Middle East escalate to the point Iran has shut down Strait of Hormuz. Spot gold is up by 1% to trade above $5,360 per ounce, while spot silver is higher by 1% to trade around $91 per ounce.

Meanwhile, MCX market will be closed on March 3, due to the celebration of holi festival. But the trading will resume in the evening.

On Monday, President Trump warned that the US would continue attacking Iran until it was no longer capable of posing a threat, signaling that the conflict could last for a month or "far longer." Meanwhile, Iran declared the Strait of Hormuz closed and threatened to target any vessels attempting to transit the critical energy corridor. The escalation in conflict drove oil prices sharply higher, intensifying concerns over inflationary pressures in the US. This, in turn, triggered a sell-off in Treasuries and reduced bets of further interest rate cuts by the Federal Reserve. Markets now see the next Fed rate cut likely around September, later than previously anticipated, as per Trading Economics.

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