Gold and Silver rate today (April 16, 2024): Precious metals edge higher amid geopolitical tensions in Middle East

Gold and Silver rate today (April 16, 2024): Domestic precious metal futures on Tuesday (April 16) edged higher as geopolitical concerns accelerated.

Last seen, MCX gold futures (Jun 5) traded Rs 561, or 0.78 per cent, higher at Rs 72,838 per 10 grams at the last count. Meanwhile, MCX Silver futures (May 3) traded Rs 319, or 0.38 per cent higher, at Rs 84,170 per kg. 

Meanwhile, COMEX gold in the international market was up 0.93 per cent at $2,404.9.

"Going by yields and the US Dollar Index, gold may correct; however, geopolitical tension is the major driving force presently. Heightened uncertainty on geopolitical front is seen as supportive for the metal but headwinds of elevated yields and a firmer Dollar will limit the upside and keep the metal volatile," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Singh added that for spot gold support is at $2300/$2265 and resistance is at $2400/$2450.

Here's an indicative list of spot gold prices in some of the major Indian cities.

City-wise gold rate (24k) in India (April 16, 2024)

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)

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