Gold, Silver Rates Today LIVE: Gold and silver prices on the Multi Commodity Exchange of India (MCX) traded lower on Monday, following weakness in global bullion prices, as the dollar firmed. Investors also opted for profit booking after a decent rise in the precious metal prices last week.
MCX gold rate for April futures contracts opened 0.57% lower at ₹1,54,999 per 10 grams as against its previous close of ₹1,55,895 level. MCX silver price for March contracts opened lower by ₹5,871, or 2.4% at ₹2,38,489 per kg, as against its previous close of ₹2,44,360 level.
Why are gold, silver prices falling?
Gold and silver prices traded lower in the international market on Monday as the US dollar firmed and investors opted for profit booking after strong gains last week.
Spot gold price fell 0.4% to $5,020.10 per ounce, after gaining 2.5% in the previous session. US gold futures for April delivery lost 0.1% to $5,039.50 per ounce. Spot silver price declined 0.6% at $76.92 per ounce, after a 3% rise on Friday.
A cooler-than-expected US inflation data lifted expectations for interest rate cuts by the Federal Reserve. Market participants currently anticipate a total of 75 basis points in rate cuts this year, with the first expected in July, according to data compiled by LSEG. Non-yielding bullion tends to do well in low-interest-rate environments.
The US dollar index rose, making greenback-priced bullion more expensive for holders of other currencies. The dollar index, which measures the US currency against six major peers, was steady at 96.959 after dropping 0.8% last week.
In other commodities, spot platinum price shed 0.4% to $2,054.35 per ounce, while palladium prices rose 0.4% to $1,692.2.
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