New Delhi: Gold prices remain resilient in the face of mounting geopolitical tensions and shifting economic signals, holding steady on Wednesday. 

The price of gold in India today is Rs 6,795 per gram for 22-karat gold and Rs 7,413 per gram for 24-karat gold (also called 999 gold).

The precious metal, often sought as a safe-haven asset during times of uncertainty, maintained its stability despite facing pressure from higher US Treasury yields.

Spot gold prices showed little change, hovering around $2,383.29 per ounce, while US gold futures experienced a slight decline to $2,399.60 per ounce. Meanwhile, spot silver saw a modest increase, reaching $28.17 per ounce.

In the domestic market, the Multi Commodity Exchange (MCX) reflected a similar trend, with gold closing marginally lower at Rs 72,999 per 10 grams and silver concluding at Rs 83,480 per kg. The closure of Indian stock and commodity markets due to 'Ram Navami' impacted trading activities, contributing to the subdued market dynamics.

The stability in gold prices comes amidst a backdrop of heightened geopolitical tensions, particularly in regions like the Middle East and Ukraine. These geopolitical uncertainties have historically driven investors towards safe-haven assets like gold, supporting its value in times of turmoil.

Additionally, gold prices have been influenced by economic indicators, particularly movements in US Treasury yields and statements from key policymakers. Despite benchmark US 10-year Treasury yields nearing five-month highs and a stronger dollar following remarks from US Federal Reserve Chairman Jerome Powell, gold prices have managed to maintain their upward trajectory. Powell's comments, suggesting a cautious approach to further Fed rate cuts, tempered market expectations and provided support for gold as an alternative investment.

The resilience in gold prices is further underscored by robust buying from central banks, increased demand from Chinese consumers, and ongoing global uncertainties. These factors continue to bolster gold's appeal as a hedge against inflation and currency devaluation, reinforcing its status as a preferred asset for investors seeking stability in uncertain times.

ALSO READ: Zomato announces 'large order fleet' for 50 people