Gold Rates & Silver Rates Today Live: MCX Gold Ends Below Rs 1.60 Lakh, Silver Retreats; 24K, 22K, 18K Gold

Gold rates and silver rates in India are trading higher on MCX; however, the gains are limited due to stronger dollar and surge in treasury yields which offset the geopolitical risk premium. MCX gold price is up by 1% and traded around Rs 1.61 lakh, but MCX silver outperformed gold with 2% gains to trade near Rs 2.68 lakh.

However, spot gold price traded around $5,130 per ounce, recording a 1% upside. Meanwhile, spot silver gained 2.3% to trade above $84 per ounce. Despite this, gold is on the path to recorded weekly decline.

Although the ongoing Middle East conflict has driven demand for safe-haven assets, it also lifted oil prices to a more than 1-year high, raising inflation concerns and prompting traders to be cautious on their bets on Federal Reserve rate cuts.

Markets are now pricing in just one reduction this year, down from two earlier in the week. Recent US data also signaled strong economic momentum, with lower jobless claims, stronger productivity, fewer job cuts, and faster-than-expected services sector growth. Meanwhile, the US-Israeli conflict with Iran entered its seventh day, with Iran launching missiles and drones across the Gulf on Thursday, striking an oil refinery in Bahrain, while Israel continued airstrikes on Tehran and the US suspended operations at its embassy in Kuwait, as per Trading Economics.

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