Gold, Silver Rates Today Highlights: Gold and silver prices in India traded sharply lower on Monday, following weakness in international bullion prices, weighed down by a stronger dollar, and dampened expectations of US Federal Reserve interest rate cuts this year after a surge in crude oil prices fuelled inflation worries.
MCX gold rate for June futures contracts opened lower by ₹1,105, or 0.72%, at ₹1,51,547 per 10 grams as against its previous close of ₹1,52,652 level. MCX silver price for May futures contracts opened lower by ₹4,912, or 2.01%, at ₹2,38,362 per kilogram as compared to its previous close of ₹2,43,274 level.
Gold prices at one-week low
Gold prices in the international market fell to a near one-week low. Spot gold price declined 1.1% to $4,694.30 per ounce, its lowest level since April 7. US gold futures for June delivery fell 1.4% to $4,717.80 an ounce. Spot silver fell 1.9% to $74.45 per ounce.
The US dollar index strengthened, making greenback-priced bullion more expensive for other currency holders. Crude oil prices jumped above $100 a barrel, stoking inflation fears, as the US Navy prepared a blockade of the Strait of Hormuz that could restrict Iranian oil shipments after the US-Iran ceasefire talks failed to reach a deal to end the war.
Spot gold price has fallen over 11% since the US-Israel conflict with Iran began on February 28.
Traders now see little chance of a US Fed rate cut this year amid inflation worries stoked by higher energy prices.
Among other metals, platinum prices declined 1.3% to $2,019.35, while palladium prices rose 0.7% to $1,531.50.
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