Live Gold and Silver Prices: Rates for 24K, 22K Gold and 999 Silver in Major Indian Cities on April 23

Market Turmoil: Gold and Silver Prices Plummet Amid Geopolitical Tensions

The gold and silver prices on the Multi Commodity Exchange (MCX) experienced a significant decline on Thursday, 23 April, due to profit booking triggered by the escalating US-Iran tensions and the subsequent surge in crude oil prices. The dollar index also climbed by 0.15%, weighing on gold prices.

The MCX gold June contracts were down by approximately 0.50% at ₹1,51,947 per 10 grams, while the MCX silver May contracts were down by nearly 2% at ₹2,43,856 per kg around 9:10 am. The Brent crude futures rose by 2% to trade above $103 a barrel, adding to inflation pressure and reducing the chances of a rate cut.

The escalating tensions in the Middle East, particularly the US-Israel war against Iran, have sent shockwaves through the global markets. Investors are closely watching the developments, as they could influence the yellow metal's next move. Rising oil prices and the subsequent inflation pressure will likely impact the prices of gold and silver in the coming weeks.

Read also: Gold and Silver Prices Decline Amid Strengthening Dollar and Inflation Concerns

Oil Prices Remain Elevated

Oil prices have remained elevated, with Brent crude futures ending the previous session above the USD 100 mark. Iran stated that it will not reopen the Strait of Hormuz as long as the US blockade remains. US President Donald Trump responded, saying that Iran wanted the Strait of Hormuz open "so they can make $500 Million Dollars a day," which it said the Gulf nation would risk losing if it remained closed.

Gold and Silver Prices by City

Here are the prices of gold and silver by city on 23 April:

Read also: Gold and Silver Prices in India: A Review of Current Rates Across Major Cities

Global Economic Outlook Remains Volatile

The global economic outlook remains volatile, and the prices of gold and silver in international markets over the coming weeks will be determined by how the US-Iran war unfolds and whether the two nations reach a peace deal. Japan and South Korea stocks hit record highs on Thursday, trailing overnight gains on Wall Street after President Donald Trump extended a ceasefire with Iran, boosting investor sentiment alongside strong corporate earnings.