Gold Below ₹1.44 lakh, Silver Prices Also Fall Amid Weak Global Cues
Summarized by AI; it may make mistakes. Check important info
Summarized by AI; it may make mistakes. Check important info
Gold and silver prices traded lower on Monday, with gold slipping below the ₹1.44 lakh mark and silver hovering near ₹2.23 lakh amid weak global cues.
Gold declines on MCX
On the Multi Commodity Exchange (MCX), gold futures (August) opened at ₹1,44,180 per 10 grams, marginally higher than the previous close of ₹1,44,162. However, selling pressure emerged later in the session.
At around 10 am, gold was trading at ₹1,43,470 per 10 grams, down ₹692 or 0.48%. During the session, the yellow metal touched an intraday high of ₹1,44,180 and a low of ₹1,43,454, down 0.49% or ₹708.
Silver trades lower
Silver futures (September) traded largely flat in early deals. The white metal opened at ₹2,23,912 per kg against the previous close of ₹2,23,472.
At the last count, silver was trading at ₹2,23,174 per kg, down ₹298 or 0.13%. During the session, it touched a high of ₹2,24,248 per kg and a low of ₹2,22,641, down 0.37% or ₹831.
Global market weighs on precious metals
In the international market, precious metals also traded lower. COMEX gold fell 0.41% to $4,078 per ounce, while COMEX silver declined more than 1% to $58.52 per ounce.
According to commodity market experts, gold remained under pressure as investors turned cautious amid renewed geopolitical tensions and expectations that the US Federal Reserve could keep interest rates higher for longer. A stronger US dollar and elevated US Treasury yields also weighed on bullion prices.
Markets await key US economic data
Investors will now closely track key US economic data, including consumer confidence, ADP employment, jobless claims and non-farm payrolls, for further cues on the Federal Reserve’s policy outlook and the direction of the US dollar.
Meanwhile, the Indian rupee opened five paise higher at ₹94.35 against the US dollar, compared with its previous close of ₹94.40.
International benchmark Brent crude rose about 1% to $72.78 per barrel, while US West Texas Intermediate (WTI) crude gained more than 2% to nearly $71 per barrel.
