Gold, Silver Rates Today LIVE: Gold and silver prices traded lower on Monday, weighed down by a stronger dollar, and dampened expectations of US Federal Reserve interest rate cuts this year after a surge in crude oil prices fuelled inflation worries.
Gold prices fell to a near one-week low. Spot gold price declined 1.1% to $4,694.30 per ounce, its lowest level since April 7. US gold futures for June delivery fell 1.4% to $4,717.80 an ounce. Spot silver fell 1.9% to $74.45 per ounce.
The US dollar index strengthened, making greenback-priced bullion more expensive for other currency holders. Crude oil prices jumped above $100 a barrel, stoking inflation fears, as the US Navy prepared a blockade of the Strait of Hormuz that could restrict Iranian oil shipments after the US-Iran ceasefire talks failed to reach a deal to end the war.
Spot gold price has fallen over 11% since the US-Israel conflict with Iran began on February 28.
Traders now see little chance of a US Fed rate cut this year amid inflation worries stoked by higher energy prices.
Among other metals, platinum prices declined 1.3% to $2,019.35, while palladium prices rose 0.7% to $1,531.50.
Stay tuned to this segment for the live updates on gold and silver prices today.
