Gold, Silver Rates Today: Gold and silver prices in India rebounded from early losses and traded higher on Monday, following a steady global bullion prices.
MCX gold rate for June expiry contracts opened 0.27% lower at ₹1,46,850 per 10 grams as against its previous close of ₹1,47,255 level. Gold price fell as much as by ₹3,043, or 2.06%, to an intraday low of ₹1,44,212 per 10 grams level so far. However, it recovered and touched an intraday high of ₹1,49,250 level, up by ₹1,995, or 1.35%.
MCX silver price inched 0.06% higher to open at ₹2,28,106 per kg as compared to its previous close of ₹2,27,954 level. However, MCX silver price recovered early losses to trade higher.
Gold rate drops as US Fed rate cut hopes dim
Gold prices were steady in the international markets amid volatility and a softer dollar.
Spot gold price edged lower 0.1% to $4,488.46 per ounce after having swung between a more than 1% fall and a marginal gain earlier. US gold futures for April delivery lost 0.1% to $4,518.30. Spot silver price rose 0.5% to $69.91 per ounce.
The US dollar eased, making dollar-denominated commodities more affordable for holders of other currencies.
Gold prices have lost about 15% so far this month, marking its steepest monthly fall since October 2008, pressured by a stronger US dollar, which has gained more than 2% since the US-Israeli war on Iran began on February 28.
Silver prices have plunged 30% from their March peak, reflecting sustained pressure.
The widening US-Iran war led to a surge in crude oil prices, adding to inflation woes. While inflation typically boosts gold’s appeal as a hedge, elevated interest rates weigh on the non-yielding metal’s demand.
In other commodities, spot platinum prices fell 0.6% to $1,850.92 and palladium held steady at $1,377.12.
Stay tuned to this segment for live updates on gold and silver prices today.
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