Gold, Silver Rates Today LIVE: Gold and silver prices on the Multi Commodity Exchange of India (MCX) traded sharply lower on Thursday, following a slump in global precious metal prices amid a strong US dollar and easing geopolitical tensions.
MCX gold rate today opened at ₹1,51,948 per 10 grams, lower by ₹1,098, or 0.71%, from its previous close of ₹1,53,046 level. It hit a low of ₹1,48,455 level, down by 3%. However, MCX gold price saw a sharp rebound and recovered all the losses to trade in the green and rise above ₹1.53 lakh level.
Silver prices crashed over 11% in the domestic market, following a slump in international prices. MCX silver rate for March futures contracts opened lower at ₹2,58,096 per kilogram, down by ₹10,754, or 4%, from its previous close of ₹2,68,850 level.
However, selling intensified and MCX silver price declined by ₹29,850, or 11.10%, to an intraday low of ₹2,39,000 per kilogram.
Gold, Silver Price Fall on Strong Dollar
Gold and silver prices fell sharply as the dollar strengthened to a near two-week high and signs of easing US-China trade tensions added pressure on precious metals.
Spot gold price declined 2.5% to $4,838.81 per ounce, retreating from a near one-week high hit earlier in the session. US gold futures for April delivery dropped 1.9% to $4,855.60 per ounce.
Spot silver price plummeted 14.9% to $74.94 an ounce. Last week, the precious metal touched a record high of $121.64.
Meanwhile, the dollar rose to a near two-week high on Thursday, making greenback-priced gold more expensive for other currency holders.
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