Silver rate today: Silver prices climbed on Tuesday, supported by a weaker US dollar and easing crude oil prices after US President Donald Trump indicated that the conflict in the Middle East could end soon. Gold also moved higher as investor sentiment stabilised.
On MCX, silver prices jumped 4.2% to ₹2,78,339 per kg while gold prices advanced almost 1% to ₹1,61,791 per 10 grams.
Spot silver advanced 3% to $89.60 per ounce, while spot gold gained 0.8% to $5,179.52 per ounce as of 0233 GMT. Meanwhile, US gold futures for April delivery rose 1.7% to $5,188.70.
Other precious metals also traded higher. Spot platinum increased 1.2% to $2,208.16, while palladium edged up 0.2% to $1,693.84.
Silver, Gold Prices: Why are precious metals rising today?
The rebound followed comments from Trump suggesting the conflict could be resolved “very soon,” which helped ease market anxiety. Trump also warned that US military action could escalate significantly if Iran attempts to block tanker traffic through the Strait of Hormuz, a key maritime route that carries roughly 20% of global oil supply.
At the same time, a gauge of the US dollar slipped 0.1%, extending the previous day’s decline. The US dollar weakened 0.4%, making dollar-denominated bullion more affordable for investors holding other currencies.
The near-closure of the Strait of Hormuz, combined with Iranian missile strikes targeting energy infrastructure, had earlier pushed oil prices sharply higher and intensified concerns about rising inflation. However, oil prices tumbled more than 10% after Trump signalled that the war might conclude sooner than expected, easing fears of prolonged disruptions to global oil supplies.
The conflict has effectively disrupted traffic through the strait for over a week, leaving oil tankers stranded and forcing several producers to cut output as storage facilities filled up, which had previously driven energy prices sharply higher.
Silver and gold prices had fallen in the previous session as the surge in energy costs raised inflation concerns and reduced expectations that the US Federal Reserve would cut interest rates in the near term.
more to come….