Silver, gold prices surge, crude in decline amid global uncertainties

Amid the tension between Israel, US and Iran, gold and silver prices saw a jump on March 10.

The price of one kilogram of silver increased by ₹8,000 and reached ₹2.75 lakh. The price of 24-carat gold in the MCX futures market has increased by ₹1,500, due to which the price of 10 grams of gold is trading at ₹1.62 lakh.

Crude oil prices, on the other hand,  saw a big decline today. The global crude oil prices fell to $89. In the beginning of Asian trading, Brent crude oil prices fell by about 8.5% to $92.50 per barrel. On March 9, they reached $115. While American crude oil (WTI) has also fallen by about 9% to $88.60 per barrel. 

US President Donald Trump's statement is considered responsible for this decline in crude oil prices. On Monday, Trump expressed optimism and said, 'The current war will end very soon.' 

His statement reduced the uncertainty regarding the global supply chain and restored confidence among investors.

It is worth noting that despite the relief seen in the market today, experts believe that the situation has not completely calmed down yet. Current crude prices are still 30% higher than before the war started.