Gold and silver prices declined in India on Thursday as global precious metal markets weakened due to a stronger US dollar and fading hopes of interest rate cuts. On the Multi Commodity Exchange of India, gold futures slipped below ₹1.62 lakh per 10 grams while silver prices also dropped significantly.
Gold, Silver Prices Fall in India; MCX Gold Slips Below ₹1.62 Lakh
New Delhi: Gold and silver prices fell in the Indian market on Thursday. Weakness in international precious metal prices and a strengthening US dollar weighed on the domestic market. Both gold and silver prices fell during trading on the Multi Commodity Exchange (MCX).
Gold futures for April delivery on MCX opened with a slight gain. Gold opened at ₹1,62,799 per 10 grams, up 0.62 percent from the previous close of ₹1,61,789.
However, as trading progressed, selling pressure increased in the market. Consequently, gold prices fell to ₹1,61,506 per 10 grams, representing a decline of ₹283, or about 0.17 percent.
Silver prices followed a similar trend. Silver for May delivery on MCX opened with a gain of 0.26 percent at ₹2,69,212 per kilogram, compared to the previous close of ₹2,68,491.
However, selling pressure also intensified in silver during the day's trading. Consequently, the price of silver fell by ₹1,991, or 0.74 percent, to around ₹2,66,500 per kilogram.
The decline in both gold and silver intensified during the day's trading. The price of gold on MCX fell by a maximum of ₹708, or about 0.43 percent, to reach ₹1,61,081 per 10 grams.
Silver prices also declined by ₹2,317, or 0.86 percent, to ₹2,66,174 per kilogram.
Experts say that the decline in gold and silver prices in the international market has also affected the Indian market. The strengthening of the US dollar and diminished expectations of interest rate cuts have led to a slight decline in investor interest in safe-haven instruments.
Global economic signals and central bank policies are also directly impacting precious metal prices.
Market experts believe that the direction of gold and silver prices in the coming days will largely depend on international markets, dollar movements, and interest rate decisions. Currently, investors are adopting a cautious stance, and the market remains volatile.
