Gold, Silver Rates Today: Gold and silver prices traded lower on Monday, as a surge in energy prices due to the ongoing US-Iran war fuelled inflation worries and dented hopes of interest rate cuts by the US Federal Reserve this year.
Spot gold price dropped 1.2% to $4,439.45 per ounce, while US gold futures for April delivery fell 1.2% to $4,470.30. Spot silver price declined 1.2% to $68.67 per ounce.
Gold prices have lost about 16% so far this month, marking its steepest monthly fall since October 2008, pressured by a stronger US dollar, which has gained more than 2% since the US-Israeli war on Iran began on February 28.
The widening US-Iran war led to a surge in crude oil prices, adding to inflation woes. While inflation typically boosts gold’s appeal as a hedge, elevated interest rates weigh on the non-yielding metal’s demand.
In other commodities, spot platinum prices fell 0.6% to $1,850.92 and palladium held steady at $1,377.12.
Stay tuned to this segment for live updates on gold and silver prices today.
