MCX Gold, Silver Price Today: The precious metals--Gold and Silver--prices plummeted sharply, mirroring the downward trend in the international bullion market amid a surge in crude oil prices due to escalating tension in the Middle East. The Gold futures, April 2 expiry, plunged over Rs 4,000 to a low of 1,39,800 per 10 grams after Multi-Commodity Exchange (MCX) began trading in the evening session on March 26. Similarly, Silver futures nosedived over Rs 15,000 to a low of Rs 2,19,580 per kilogram on MCX.
The domestic commodity market was closed in the morning for Ram Navami Holiday.
At the time of writing, MCX Silver was trading at Rs 220311, down 14,523 or 6.18 per cent. While MCX Gold was quoted at Rs 1,41,212, down Rs 2,885 or 2 per cent.
Crude Prices Soar
As the commentary over the resolution on the opening of strait of Hormuz getting worse between Iran and the US, the crude prices soared over 5 per cent on March 26, inching toward the $110 per barrel level. Earlier this week, the oil prices plummeted sharply after US President Donald Trump announced the halt of the military strike plan on Iran's energy infrastructure. Trump claimed that Tehran had approached him for a deal over Hormuz.
However, the Iranian officials have denied the US president's claim, saying they haven't contacted the US for any discussion. Meanwhile, the crude prices soared as the escalating tension would give a major shock to the world energy supply chain.
Last seen, Brent Crude was trading at $107.14 per barrel, up $4.92 or 4.88 per cent, while WTI Crude was up $3.66 or 4.91 per cent to $94.10 per barrel.
Gold and Silver Rate In International Market
Gold Sand silverrates plunged significantly in the International bullion market as well. At the time of writing, COMEX Gold was trading at $4,437.90 per ounce, down $114.40 or $2.51 per cent. COMEX Silver was quoted at $68.25, down $4.386 or 6.04 per cent.