24K & 22K Gold Price Today: Gold and silver prices in India moved higher on Tuesday, tracking gains in international bullion markets as the US dollar weakened, improving the appeal of precious metals.
The yellow metal continued to trade in positive territory during the session. In global markets, bullion prices remained broadly steady as investors continued to monitor geopolitical developments in the Middle East. The US dollar weakened by around 0.4 per cent, making dollar-denominated metals cheaper for buyers using other currencies and boosting demand for bullion.
Geopolitical tensions also remained in focus. US President Donald Trump said he believes the US-Iran conflict could be resolved quickly, ahead of the earlier four-week timeframe he had indicated. However, developments in Iran suggested that hardline factions were rallying behind the country’s new Supreme Leader, Mojtaba Khamenei, signalling limited willingness to ease tensions, according to Reuters.
The conflict has effectively shut the Strait of Hormuz, a critical passageway for nearly one-fifth of the world’s oil and liquefied natural gas supply. The disruption has pushed global crude oil prices higher, raising concerns over inflation and reducing the likelihood of an immediate interest rate cut by the US Federal Reserve.
Gold is widely viewed as a hedge against inflation, and lower interest rates tend to enhance its attractiveness as a non-yielding asset.
Traders noted that Gold Rates in India climbed, with Gold prices in Delhi and other key metros reflecting the latest jump.
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