Gold price rise to ₹1.62 lakh in domestic markets on rising Middle East conflict and weak US dollar; check latest gold and silver prices

Gold prices in the domestic market are trading higher on Thursday, March 5 as intensifying conflict in the Middle East has drove investors towards safe assets like gold and silver.

In the international market, Gold prices are trading nearly 1% higher around $5,190 per ounce. The yellow metal is on the rise for the second straight day rebouding from nearly 5% fall earlier this week when a stronger US dollar index weighed on price. Meanwhile, Silver spot prices are trading 0.6% higher around $83.7 per ounce.

One of the key factors behind rise in precious metals is escalation in the US-Israel-Iran war after the US submarine sank an Iranian warship off Sri Lanka coast expanding the war zone. Meanwhile, Iran continued to fire missiles on US base across several countries. Amid this geopolitical uncertainty and market turbulence, investors are looking for gold as investment and hedge compared to risker assets like equity.

Besides this, ease in the US dollar index is also making gold more attractive for holders of other currencies.

In the domestic markets, the 24K gold trade around ₹1.62 lakh per 10 grams, up ₹570, and the 22K gold is available around ₹1.48 lakh per 10 grams in major Indian cities. Meanwhile, Silver prices surge over 1% to ₹2.68 lakh per kg amid high volatility.

In Mumbai, the 24K gold rate stood at ₹162,610 per 10 gram and 22K gold at ₹149,059 per 10 gram.

Gold price today in major cities

MCX Gold futures are also trading marginally higher. As of 11:30 pm, the MCX Gold April future is up over 0.2% at ₹1,62,313 per 10 gram, with a day high of ₹1,63,142 and day low of ₹1,61,252.

Silver Price Today in Major Cities

Silver prices are trading over 1% higher in the local market around the ₹2.68 lakh mark on Thursday, March 5. Meanwhile, MCX Silver for May delivery trades 1.2% higher at ₹2.64 lakh per kg, while international silver prices trade around $83.7 per troy ounce, up 0.6%.