Gold Rates & Silver Rates Today Live Updates: MCX Gold Price Ends Above Rs 1.50 Lakh, Silver Price Jumps 1%

Gold rates and silver rates in India surged at MCX despite weak international prices on Monday, April 6. In the early deals, MCX gold and silver prices rose marginally to trade near their day's high above Rs 1.50 lakh per 10 grams and Rs 2.33 lakh per 1 kg. However, physical gold prices in 24 carat, 22 carat and 18 carat dropped sharply today. Meanwhile, physical silver price stood flat.

Spot gold slid by 1% to struggle around $4,630 per ounce and spot silver dropped by 1.4% to trade below $72 per ounce. On the other hand, crude oil prices skyrocketed. US WTI Crude Oil Futures is trading above $111 per barrel and Brent Crude is performing near $110 per barrel.

US President Donald Trump has issued new threats to Iran if they do not open Strait of Hormuz. He warned to bring Hell to Iran by striking their power plants and other civilian infrastructure. He has set a deadline for Iran to reopen Hormuz which is at Tuesday, 8PM Eastern Time, on Tuesday. He is also holding a press conference at 1PM on Monday.

Meanwhile, Tehran continues to rebel and reject the latest threat and has carried out attacks on energy assets across the Middle East.

Gold remains down roughly 12% since the conflict began, as surging energy prices fueled inflation concerns and strengthened expectations of interest rate hikes. The metal has also struggled to perform its traditional safe-haven role, pressured by forced liquidations as investors moved to cover losses in other markets, as per Trading Economics.

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