Gold price eases despite Iran-Israel tensions; silver surges 1.4%

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Gold prices likely to go up to $3,000 an ounce: Citi Report Additionally, Monday's data revealed that U.S. retail sales had surpassed expectations for March. Concurrently, 10-year Treasury yields had risen for the second consecutive day, diminishing the attractiveness of non-yielding bullion.

“The precious metal has been sky rocketing in the last one and a half month from 62200 zone to touch 72800 levels gaining almost 17% in a very short span of time. Currently with the geo-political tensions looming around, the yellow metal is anticipated to gain further in the coming days with near-term targets of 73200 and 75300 levels. The near-term support would be maintained near 70200 zone as of now," said Vaishali Parekh Vice President - Technical Research, Prabhudas Lilladher Pvt.

Ltd. Around five weeks ago, Federal Reserve Chair Jerome Powell informed a U.S. Senate panel that the Fed was nearing confidence in inflation reaching the necessary level for interest rate cuts.

However, recent strong economic data has caused some doubt among policymakers, investors, and external analysts regarding this outlook. Also read: Gold rate today: Iran-Israel conflict fuels gold price today despite US dollar hitting 5-month high The Shanghai Futures Exchange announced an increase in the trading bands for gold and silver contracts, with adjustments to 8 per cent for gold and 7 per cent for silver, up from the previous levels of 6 per cent and 7 per cent, respectively. Back home, gold and silver prices reached new record highs on Tuesday continuing their upward trajectory for the second consecutive day, mirroring robust trends in global markets amidst concerns of increasing tensions in the Middle East.