Gold, Silver Rates Today LIVE: Gold and silver prices traded lower on Monday as a stronger dollar weighed on greenback-priced precious metals, while higher crude oil prices fuelled inflation concerns and further dimmed the prospects for near-term reductions in interest rates.
Spot gold prices fell 2.5% to $5,041.89 per ounce, while US gold futures for April delivery were down 2.1% at $5,049.40 an ounce. Spot silver prices declined 4% to $80.99 per ounce.
The US dollar hovered near a three-month high hit last week, making bullion more expensive for holders of other currencies. The US dollar index rose to 99.695 against the basket of currencies. The US 10-year Treasury yields also climbed to a near one-month high, raising the opportunity cost of holding non-yielding gold.
A surge in crude oil prices stoked inflation fears and delayed rate-cut expectations, weighing on the safe-haven demand and pushing gold prices down.
Meanwhile, the US-Iran war in the Middle East escalated, while Iran named Mojtaba Khamenei to succeed his father Ali Khamenei as supreme leader.
In other commodities, spot platinum prices fell 3.8% to $2,054.65, and palladium prices declined 2.1% at $1,590.32.
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