Gold, Silver Rates Today LIVE: Gold and silver prices in India opened lower on Monday, following weakness in international bullion prices as a stronger dollar weighed on the prices of precious metals.
MCX gold rate today for April futures contracts opened 0.6% lower at ₹1,60,651 per 10 grams as against its previous close of ₹1,61,634 level. MCX silver price for May futures contracts opened 0.29% lower at ₹2,67,497 per kilogram as against its previous close of ₹2,68,285 level.
Selling pressure intensified and MCX gold and MCX silver prices were trading over 1% lower each.
Strong Dollar Weighs on Gold, Silver Prices
Gold and silver prices traded lower 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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