Gold Rates & Silver Rates Today Live: MCX Gold Above Rs 1.63 Lakh, Silver Price Up 2%; 24K, 22K, 18K Gold

Gold rates and silver rates in India surged significantly on March 4th at MCX, tracking positive global cues. MCX gold price is up by 1.2% and MCX silver gained nearly 1% in the pre-market. Meanwhile, comex gold price rose above $5,150 per ounce on Wednesday, recovering of its yesterday's losses. The tensions in Middle East continue to drive sentiment in precious metals.

The US-Israeli conflict with Iran entered its fifth day, with Israel striking a building where clerics were meeting to select a new Supreme Leader on Tuesday. US President Donald Trump voiced concern that the attacks could bring a new Iranian leadership as troubling as the previous regime, underscoring the conflict's uncertain trajectory, as per Trading Economics.

Trump also pledged naval escorts and insurance support for oil tankers and other vessels through the Strait of Hormuz to ease market fears. Trading Economics data further added that gold and other metals had tumbled on Tuesday as the dollar strengthened on worries that rising energy costs could drive inflation, prompting investors to reassess the Federal Reserve's policy path.

Credit: Goodreturns