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Bullion market saw rise in Gold and Silver price

Article by Hiral Jamindar

After instability in Middle East tensions, bullion market saw hike with Gold and silver prices in India continued their rally, lifted by a surge in global rates. On MCX, gold futures prices on Friday rised over 2% or 850 to 40,130 per 10 gram, adding 2,000 per 10 gram in just two weeks. Following gold, silver prices too have surged, closing 1% higher at 47,520 on Friday.

In global markets, gold prices surged to a 6-year high after a US airstrike killed one of Iran’s most powerful generals, ratcheting up tensions in the Middle East and driving demand for safe have assets. Gold rose as much as 1.5% to $1,551.52 an ounce in the spot market on Friday. Gold was also supported by weak US ISM manufacturing data, strengthening the case for owning bullion as a hedge against dimming growth outlook.