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Gold and silver prices rose on the MCX on March 27 as a weaker dollar triggered value buying after recent declines. Gold futures climbed nearly 1%, while silver surged around 2% in early trade.
MCX Gold, Silver Surge Amid Softer Dollar and Market Volatility
New Delhi: Gold and silver prices rose on the Multi Commodity Exchange (MCX) today on Friday. Investors indulged in value buying due to the dollar's weakness, leading to a surge in the yellow metal. MCX Gold June futures rose nearly 1% to ₹1,43,829 per 10 grams in morning trade, while the Silver May contract rose nearly 2% to trade at ₹2,23,978 per kilogram.
The dollar index declined by approximately 0.10%, making gold relatively cheaper in the international market. This directly impacted demand, and investors saw an opportunity to buy after the decline. A weak dollar typically supports gold prices, making it more affordable for investors holding other currencies.
Although gold prices are receiving support, the ongoing tensions in West Asia remain a major challenge. Crude oil prices are seeing a surge due to the US-Iran conflict, which has increased uncertainty in global markets. Rising oil prices strengthen the dollar, which could be a negative signal for gold.
Gold prices have been quite volatile in March. According to MCX data, domestic spot gold prices have fallen by about 9% so far this month. Following this decline, investors have now resumed buying, leading to a slight recovery in prices.
Experts believe that gold and silver may see a slight rise in the near term, but it may be difficult to surpass recent highs. Geopolitical tensions may support prices, but a strong dollar could limit a significant rally.
Given the current situation, investors are advised to remain cautious. Market fluctuations may continue, so it is important to invest wisely. In the coming days, the movement of the dollar and global developments will decide the direction of gold and silver.
