Gold prices in Mumbai saw a slight correction on Wednesday after a sharp surge a day earlier, while silver remained strong. The fluctuation comes amid global uncertainty over energy supplies and geopolitical tensions, even as crude oil prices declined and Indian stock markets opened with modest gains
Representational image. File pic
Gold and silver prices on Wednesday showed a marginal decline amid the continuing global turmoil and the uncertainties about the global energy supply chain.
After a sudden surge in precious metal prices on Tuesday, the MCX gold April futures gained 1.15 per cent to Rs 1,62,150 per 10 grams around 12.15 pm on an intraday basis. Meanwhile, MCX silver May futures gained 3.68 per cent to Rs 2,77,000 per kg. However, the dynamics of the gold futures on Wednesday look contrary.
Gold prices in Mumbai
After experiencing a price surge of around Rs 1,700 on Tuesday, the prices of 24-carat gold in Mumbai corrected by Rs 805. Therefore, the price of 24-carat gold in Mumbai stood at Rs 1,62,495 for 10 grams, whereas the 22-carat gold, which is commonly used for jewellery and ornaments, was priced at Rs 1,48,845 for 10 grams.
Spot silver climbed by USD 82.50 per ounce
In international markets, spot silver climbed toward USD 82.50 per ounce, while spot gold rose to USD 5,082.51 per ounce on Tuesday.
Crude oil prices dip below USD 90 mark
Amid the West Asia War, crude oil prices on Wednesday further declined after reports surfaced that the International Energy Agency (IEA) proposed the largest release of emergency reserves in its history to cool the price surge fuelled by the US‑Iran war.
The Brent crude oil price fell 0.99 per cent to USD 86.93 a barrel, while US West Texas Intermediate (WTI) futures dropped 0.75 per cent to USD 82.82, as per IANS. Overnight, both futures had settled down more than 11 per cent, marking the steepest single-day decline in four years.
Stock market opens in green
However, one thing that remains positive amid the concerning global situation is the Indian stock indices. The market on Wednesday opened with modest gains as easing crude oil prices supported investor sentiment. Even as geopolitical tensions in the Middle East continued to remain in focus, Indian stock indices opening in green indicates a positive sentiment among the investors.
(With inputs from IANS)
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