Gold, Silver Price Today: After having a sharp spike on Monday due to escalating tension in middle east, the gold and silver prices fell significantly in the domestic futures market amid profit booking. However, the crude oil prices in the domestic and international markets soared for the second consecutive session as Iran closed the Strait of Hormuz, the major route for oil trading from Gulf nations.

Trading on Multi Commodity Exchange (MCX) was shut during the morning session (9 AM-5 PM) due to the holiday for Holi. When the trading started in the evening, the Silver futures contract (May expiry) plunged over Rs 1,8000 to hit a low of Rs 2,60,010 per kilogram on MCX against last session's closing of Rs 2,78,481.

At the same time, MCX gold (April expiry) fell more than Rs 6,000 to a low of Rs 1,59,649 per 10 grams as compared to the last day's closing of Rs 1,66,074 in the early session.

However, the bullion prices recovered a bit after a while. At the time of writing, MCX gold was trading at Rs 1,64,200 per 10 grams, down Rs 1,874 or 1.13 per cent. MCX Silver was at Rs 2,65,700 per kilogram, down 12,781 or 4.59 per cent.

MCX Crude Price Hits Fresh All-Time High

The crude oil prices (March 19 expiry) in the domestic market surged up to 9 per cent or Rs 600 to hit a fresh all-time high at Rs 7,094 per barrel. Last seen, MCX Crude Oil was trading at Rs 6,991, up Rs 494 or 7.6 per cent.

Meanwhile, Brent crude oil was trading at $83.27 per barrel, up $5.50 or 7 per cent.

Gold and Silver Prices in the International Market

The international futures market saw a decline in precious metal prices as well. Last seen, COMEX Gold was trading at $5,214.10 per ounce, down $97.5 or 1.84 per cent. At the same time, COMEX Silver was trading at Rs $83.445 per ounce, down $5.40 or 6.09 per cent.

Also Read: Strait Of Hormuz Closed: India’s Crude Oil Stockpile Could Cover 40-45 Days If Iran Keeps Key Passage Blocked

In contrast to the metals, the crude oil price was trading at $75.78, up $4.45 or 6.39 per cent on COMEX.

22 Karat, 24 Karat Gold Rate Today

In the domestic retail market, the gold prices mirrored the futures market trend, falling significantly. The 24 karat gold rate today is Rs 1,63,680 per 10 grams, while 22 karat gold is Rs 1,50,040 per 10 grams.

The 20 karat gold rate today is Rs 1,36,400, while the 18 karat gold price is Rs 1,22,760 per 10 grams