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Gold and silver prices declined sharply on Monday in domestic and global markets as rising energy prices and inflation concerns dampened hopes of a US Federal Reserve rate cut. A stronger dollar and geopolitical tensions also weighed on precious metal prices.
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Gold and silver prices rose on Monday, buoyed by global cues and expectations of a US interest rate cut. Bullion gains were supported by a softer dollar, safe-haven demand, while WTI crude rebounded past $60 amid mixed OPEC+ signals.
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Gold and silver prices tumbled on MCX after the US Fed’s 25 bps rate cut, with gold down 1.51% and silver 0.97%. Caution over future rate cuts and easing safe-haven demand weighed on prices.
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Gold surged to a record ₹1.27 lakh per 10 grams on MCX, tracking global gains as US-China tensions and hopes of Fed rate cuts boosted safe-haven demand. Silver also rose, while global gold hit near-record highs.
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Gold prices are set for a continued surge, with experts predicting Rs 1.3 lakh per 10 grams this Dhanteras and Rs 1.5 lakh by 2026, driven by global economic uncertainty, US-China tensions, central bank buying, and expectations of interest rate cuts.
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Gold and silver prices eased in early trade Thursday on the MCX as investors booked profits after record highs. December gold futures slipped 0.34% to ₹1,22,789 per 10g, while silver dropped 0.75% to ₹1,48,738 per kg amid global cues.
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Gold prices breached $4,000 per ounce globally and ₹1.22 lakh per 10 grams in India, hitting record highs amid global uncertainty and rate cut speculation. Analysts expect the rally to continue if geopolitical tensions and economic concerns persist.
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Gold prices hit record highs on MCX amid US economic uncertainty, government shutdown fears, and expectations of further Fed rate cuts. Silver also gained, while analysts await key events including FOMC minutes, Fed Chair remarks, and China’s market reopening.
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Silver prices surged to an all-time high of ₹1,14,493 per kg amid strong global trends and domestic demand. Gold also gained sharply. Analysts cite economic uncertainty, industrial demand, and safe-haven interest as key drivers behind the rally.
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According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold rose sharply from Rs 96,670 to Rs 1,00,000 per 10 grams -- a jump of Rs 3,300 within 24 hours
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Spot gold prices in India also surged. According to the India Bullion and Jewellers Association (IBJA), the fine gold (999 purity) was priced at Rs 9,659 per gram, while 22-carat gold stood at Rs 9,427
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Gold futures, maturing on June 5, 2024, stood at Rs 72,813 per 10 grams on the MCX, up Rs 536 or 0.74 per cent from the previous day’s close of Rs 72,277.
