Gold, Silver Rates Today LIVE: Gold and silver prices in India recouped earlier losses to trade higher on Thursday, led by strong buying at lower levels. The gains in domestic gold and silver prices comes despite losses in international precious metal prices amid a strong US dollar and fading interest rate cut hopes.
MCX gold rate today for April futures contracts opened 0.62% higher at ₹1,62,799 per 10 grams level as against its previous close of ₹1,61,789 level.
MCX silver price for May futures contracts opened 0.26% higher at ₹2,69,212 per kilogram as compared to its previous close of ₹2,68,491 level.
However, strong buying lifted precious metal prices from lower levels. MCX gold rate today was up by ₹479, or 0.30%, at ₹1,62,268 per 10 grams level. MCX silver price traded higher by ₹5,323, or 1.98%, at ₹2,73,814 per kg.
Strong Dollar Weighs on Gold, Silver Prices
Gold and silver prices traded lower, weighed down by a firmer dollar, while higher crude oil prices renewed inflation worries and dampened hopes for near-term interest rate cuts.
Spot gold price fell 0.2% to $5,165.73 per ounce, while US gold futures for April delivery declined 0.2% to $5,171.40 an ounce. Spot silver price rose 0.3% to $86.06 per ounce
The US dollar firmed 0.2%, making dollar-priced commodities like bullion more expensive for holders of other currencies.
Meanwhile, crude oil prices jumped, adding to inflation pressures. The US consumer price index rose 0.3% in February, matching forecasts and accelerating from January’s 0.2% increase. CPI rose 2.4% in the year to February, also in line with expectations.
In other commodities, spot platinum price gained 0.3% to $2,175.32 and palladium prices rose 0.6% to $1,646.17.
Stay tuned to our Gold, Silver Rates Today Live Blog for the latest updates.
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