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MCX gold prices opened sharply lower and slipped below the crucial ₹1.45 lakh per 10 gram mark, while silver prices cracked more than 3% amid weak investor sentiment.
Gold Prices Tumble on MCX Amid Strong Dollar and Rate Worries
New Delhi: Commodity markets witnessed significant volatility today. Gold and silver prices continued to fall on Monday. In the domestic market, gold opened at ₹1.46 lakh per 10 grams on MCX, while silver fell below ₹2.57 lakh per kilogram. Precious metal prices remained weak due to a strong dollar in the international market and profit-booking by investors.
Gold opened at ₹1,46,000 per 10 grams on Monday, down 1.18% from its previous close of ₹1,47,753. During trading, gold prices fell ₹1,253, or 0.85%, to ₹1,46,500 and hit an intraday low of ₹1,43,501.
Silver also remained weak and opened at ₹2,67,501 per kilogram on MCX, down 0.69%. Silver prices fell ₹8,671, or 3.26%, to ₹2,56,981. Silver reached a low of ₹2,55,652 at the day's low.
International gold and silver fell to multi-week lows. Spot gold fell 3.3% to $4,703.27 per ounce. US gold futures for April delivery were down 0.3% at $4,729.20 per ounce.
Spot silver fell 5% to $80.28 per ounce. Silver had previously hit a record high of $121.64 per ounce on Thursday.
The CME Group announced an increase in margins on metal futures, which was to take effect after Monday's market close. This pressure also weighed on prices in the international market.
According to analysts, gold and silver prices may remain weak. The bullion market is under pressure due to a strong dollar and global economic instability. Investors are cautiously booking profits. Volatility is expected in the market in the near future.
The decline in gold and silver prices has made investors cautious, and experts advise waiting for the right time to buy.
