Silver rate today: Silver prices ticked higher on Friday, March 6 as investors adopted a cautious stance while evaluating the potential economic fallout from the escalating conflict in the Middle East. A slight decline in the US dollar also lent support to precious metals, making dollar-denominated bullion cheaper for buyers using other currencies.
Silver price on MCX jumps 2.6% or ₹8,600 to ₹2,68,991 per kg while gold price is up 1% or ₹1,577 to ₹1,61,250 per 10 gram.
In the international markets, Spot rose 0.1% to $82.26 per ounce. Meanwhile, Spot was largely unchanged at $5,076.09 per ounce as of 0116 GMT, indicating that investors were holding positions amid geopolitical uncertainty. Meanwhile, US gold futures for April delivery edged up 0.1% to $5,084.50.
Among other precious metals, platinum gained 0.1% to $2,124.05 per ounce, while palladium advanced 1.1% to $1,639.78.
Why gold, silver prices rose today?
Tensions in the Middle East continued to escalate, with Iran reportedly launching multiple attacks targeting Israel, the United Arab Emirates and Qatar. The intensifying hostilities have raised concerns about broader economic and energy market disruptions.
Moreover, the US Defense Secretary Pete Hegseth and Admiral Brad Cooper, who oversees US forces in the Middle East, said the United States has sufficient munitions to sustain its military campaign for an extended period. The US-Israeli offensive against Iran, which began on Saturday, has reportedly hit multiple targets across the country, prompting retaliatory actions from Iran.
The conflict has also rattled global energy markets. and energy prices surged as the war disrupted supply routes and shipping activity, while several major Middle Eastern producers reportedly curtailed production amid the uncertainty.
Furthermore, on the economic front, data released on Thursday showed that initial jobless claims in the United States remained unchanged last week, while layoffs declined significantly in February. The figures suggested continued resilience in the US labour market.
Market participants are widely expecting the to leave interest rates unchanged at the conclusion of its two-day policy meeting on March 18, according to CME Group’s FedWatch tool.
Investors are now turning their attention to the upcoming US employment report for February, scheduled for release later in the day, which could provide further clues about the trajectory of the labour market and the Federal Reserve’s future policy path.