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Gold and silver prices declined in India as a strong US dollar and global uncertainty triggered selling pressure in the bullion market. MCX gold slipped below ₹1.61 lakh per 10 grams, while silver dropped over 1%.
Gold, Silver Prices Fall Over 1% Amid Strong Dollar and US-Iran War Tensions
New Delhi: Gold and silver prices in India fell at the start of the week. Precious metals remained under pressure due to weakness in the international market and a strengthening US dollar. Both gold and silver opened weak on the Multi Commodity Exchange (MCX) on Monday. Prices fell further as investors increased selling.
Gold prices for April futures on MCX fell 0.6 percent to ₹1,60,651 per 10 grams, compared to the previous close at ₹1,61,634. Gold prices saw further pressure during trading. Gold later fell ₹1,272, or about 0.79 percent, to trade at ₹1,60,362 per 10 grams. During trading, it fell nearly 1 percent to ₹1,59,826.
Silver prices also fell along with gold. Silver prices for May futures on MCX opened 0.29 percent lower at ₹267,497 per kilogram, compared to ₹268,285 in the previous session. Increased selling pressure further pushed silver prices down by ₹3,226, or about 1.20 percent, to ₹265,059 per kilogram. During trading, it fell 1.42 percent to ₹264,475 per kilogram.
According to experts, the weakening of gold and silver prices in the international market has also put pressure on the domestic market. The strengthening of the US dollar is driving investor interest away from precious metals and toward the dollar. Furthermore, the escalating tensions between the US and Iran have created instability in global markets.
While gold and silver prices declined, aluminum prices rose. Aluminum prices reached a nearly four-year high on the London Metal Exchange. Three-month benchmark aluminum reached $3,544 per tonne. Furthermore, aluminum prices on the Shanghai Futures Exchange also rose by more than 3 percent.
Other precious metals also declined. Spot platinum prices fell about 3.8 percent to $2,054.65, while palladium prices fell 2.1 percent to $1,590.32 per ounce. Experts say that gold and silver prices may continue to fluctuate in the coming days depending on global tensions and the dollar's movements.
