Today’s (February 23) Gold and Silver Rates in India
Gold and Silver prices rose quickly today; Know the reason: Headlines about preparations for war between the US and Iran, and Donald Trump’s announcement of 15% global tariffs have further increased demand for safe-haven investments in gold and silver. At around 9:05 am today, April gold futures on MCX reached ₹1,60,600 per 10 grams, up ₹3,700, or 2.4%, from Friday’s closing price.
Silver contracts for March delivery on MCX rose 6%, or ₹15,200, to trade around ₹268,120 per kilogram. Gold prices on COMEX also rose 2%, or $109, to trade at around ₹5,189.60 per ounce. Silver also gained 5.16%, or 6%, to trade around ₹87.505 per ounce.
US-Iran Tensions:
The ongoing US-Iran conflict is having a significant impact on global equity markets, as evidenced on Thursday when heavy selling pressure was seen on Indian benchmark indices. On Friday, Trump again warned that war could break out if Iran fails to negotiate a fair nuclear deal.
In response, a massive US military deployment is underway in the Middle East. This includes 13 warships, including the aircraft carrier USS Abraham Lincoln and frigate destroyers. Furthermore, the world’s most dangerous nuclear aircraft carrier, the USS Gerald R. Ford, was spotted entering the Mediterranean Sea. The US has also deployed dozens of fighter jets in the Middle East.
Uncertainty in Global Trade:
Meanwhile, the US Supreme Court declared Trump’s worldwide tariffs illegal. Following this, Trump signed documents imposing a 10% tariff on imports from all countries. Then, on Saturday, they suddenly raised the tariff to 15%. This has created uncertainty in global trade. In this tense environment, people are withdrawing money from the stock market and investing it in safe investments like gold and silver.
