Gold, Silver Rates Today LIVE: Gold and silver prices in India opened with strong gains on Wednesday, following a rally in international bullion prices.
MCX gold rate for April futures contracts opened 3% higher at ₹1,46,460 per 10 grams as against its previous close of ₹1,42,195 level.
MCX silver rate for May futures contracts opened 4% higher at ₹2,32,898 per kg as compared with its previous close of ₹2,23,941 level.
Soft Dollar Supports Bullion
In old and silver prices traded higher, supported by a soft dollar and easing concerns over surging inflation and high interest rates, as crude oil prices slipped after reports of a US plan to end the Iran war in the Middle East.
Spot gold prices rallied 2.1% to $4,568.29 per ounce, while US gold futures for April delivery gained 3.8% to $4,569.40. Gold prices are trading around 17% below pre-conflict levels.
Spot silver prices rose 3.8% to $73.94 per ounce. The white metal prices had earlier dropped as much as 37% from its March peak.
The dollar eased, making greenback-priced bullion cheaper for holders of other currencies. Crude oil prices also fell below $100 a barrel, easing inflation concerns, on reports that the US has sent Iran a 15-point plan to end the war in the Middle East.
Interest rate futures have erased any prospect for a US Federal Reserve rate cut this year, according to CME Group’s FedWatch tool.
Among other commodities, spot platinum prices gained 2.6% to $1,984.05, while palladium prices rose 1.5% to $1,461.75.
Stay tuned to this segment for the latest updates on gold and silver prices.
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