Gold, Silver Rates Today LIVE: Gold and silver prices opened lower on Multi Commodity Exchange (MCX) on Wednesday amid a muted trend in the international bullion prices.
MCX gold rate for April futures contracts opened 0.09% lower at ₹1,63,149 per 10 grams as against its previous close of ₹1,63,303 level. Selling pressure intensified and MCX gold prices fell 0.43% to ₹1,62,600 level.
MCX silver price for May futures contracts opened 0.31% lower at ₹2,76,988 per kilogram as compared to its previous close of ₹2,77,850 level. MCX silver rate declined by ₹2,850, or 1.02%, to ₹2,75,000 level.
US Economic Data Eyed
Gold prices traded higher on Wednesday as a retreat in oil prices eased worries over inflation, while investors awaited a slew of US economic data this week to gauge the Federal Reserve’s policy outlook.
Spot gold price gained 0.4% to $5,213.99 per ounce, while US gold futures for April delivery fell 0.4% to $5,221.80. Spot silver price rose 0.6% to $88.89 per ounce.
The US and Israel pounded Iran with what the Pentagon and the Iranians on the ground called the most intense airstrikes of the war, despite global markets betting that President Donald Trump will seek to end the conflict soon.
Markets are now awaiting the US consumer price index for February, due later in the day, and the Personal Consumption Expenditures (PCE) index – the Fed’s preferred inflation gauge – on Friday. Investors expect the Fed to keep rates steady in the current 3.5% to 3.75% range at the end of its two-day meeting on March 18, per CME Group’s FedWatch tool.
In other commodity prices, spot platinum prices gained 1% to $2,221.48 and palladium rose 1.5% to $1,679.73.
Stay tuned to our Gold, Silver Rates Today Live blog for the latest updates.
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