Gold, Silver Rates Today LIVE: Gold and silver prices in India traded higher on Friday, recovering from previous session’s losses, following gains in international bullion prices.
MCX gold rate for April futures contracts opened higher by ₹3,348, 2.30%, at ₹1,48,302 per 10 grams as against its previous close of ₹1,44,954 level.
MCX silver price for May futures contracts opened higher by ₹8,488, or 3.66%, at ₹2,39,948 per kg as compared to its previous close of ₹2,31,460 level. MCX silver price touched a high of ₹2,40,000 level, jumping as much as ₹8,540, or 3.86%.
Gold prices head for third week of losses
Gold prices traded higher on Friday, but were headed for a third consecutive weekly decline, weighed down by a firm dollar and a hawkish US Federal Reserve that has dampened hopes for near-term interest rate cuts.
Spot gold price rose 0.2% to $4,657.50 per ounce. US gold futures for April delivery rose 1.1% to $4,657.90. Gold prices have declined more than 7% so far this week. Spot silver price gained 0.1% to $73 per ounce.
The dollar strengthened, making greenback-priced bullion more expensive for holders of other currencies.
The Strait of Hormuz remains closed amid the escalating US-Iran war in the Middle East, keeping crude oil prices elevated, which is adding to inflationary pressures. While rising inflation typically boosts gold’s appeal as a hedge, high interest rates curb demand for the non-yielding asset.
In other commodities, spot platinum prices rose 0.1% at $1,972.80 and palladium price gained 0.4% to $1,452.21
Stay tuned to this segment for the latest updates on gold and silver prices today.
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