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Gold prices rise for sixth week on Iran-Israel war fears

Gold rate today is in ₹72,300 to ₹73,300 per 10 gm range whereas spot gold price is in $2,350 to $2,450 per troy ounce range.

Amid rising geo-political tension in the Middle East region on the rising fears of the Iran-Israel war, gold prices continue to scale high for the sixth week in a row. Interestingly, gold and silver prices have risen on the safe-haven demand despite rising US dollar rates. As gold and silver rates today are surging, the US dollar index is also scaling northward.

On the US Dollar's front, Federal Reserve (Fed) officials conveyed hawkish messages on Thursday, leading to a surge in US Treasury yields and the Greenback, consequently curtailing the upward momentum of non-yielding assets like Gold. The stronger USD renders bullion more expensive for holders of other currencies.

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