Gold, Silver Rates Today LIVE: Gold and silver prices in India traded lower on Thursday, following losses in international precious metal prices amid a strong US dollar and fading interest rate cut hopes.
MCX gold rate today for April futures contracts opened 0.62% higher at ₹1,62,799 per 10 grams level as against its previous close of ₹1,61,789 level.
MCX silver price for May futures contracts opened 0.26% higher at ₹2,69,212 per kilogram as compared to its previous close of ₹2,68,491 level.
However, selling pressure intensified in the domestic gold and silver prices. MCX gold price fell by ₹283, or 0.17%, to ₹1,61,506 per 10 grams. MCX silver price was down by ₹1,991, or 0.74%, at ₹2,66,500 per kg.
Strong Dollar Weighs on Gold, Silver Prices
Gold and silver prices traded lower, weighed down by a firmer dollar, while higher crude oil prices renewed inflation worries and dampened hopes for near-term interest rate cuts.
Spot gold price fell 0.2% to $5,165.73 per ounce, while US gold futures for April delivery declined 0.2% to $5,171.40 an ounce. Spot silver price was steady at $85.82 per ounce.
The US dollar firmed 0.2%, making dollar-priced commodities like bullion more expensive for holders of other currencies.
Meanwhile, crude oil prices jumped, adding to inflation pressures. The US consumer price index rose 0.3% in February, matching forecasts and accelerating from January’s 0.2% increase. CPI rose 2.4% in the year to February, also in line with expectations.
In other commodities, spot platinum price gained 0.3% to $2,175.32 and palladium prices rose 0.6% to $1,646.17.
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