Gold Price / Gold, Silver Prices Dip as US Dollar Rallies on Economic Data
·6 months ago·2 min read
Key Points
- Gold and silver prices fell moderately as the US dollar strengthened and Trump’s softer tone on Iran reduced safe-haven demand.
- MCX gold futures dipped to ~Rs 1.42 lakh/10g; silver eased from its all-time high, trading near Rs 2.88 lakh/kg.
- Analysts cite dollar strength and profit-booking after a rally; geopolitical tensions continue to support medium-term demand.
Mumbai, Jan 16: Gold and silver prices fell moderately and global markets Friday as the US dollar strengthened following weaker-than-expected weekly jobless claims data.
Further, a softer tone from US President Donald Trump on Iran reduced safe‑haven demand for the precious metals.
MCX gold February futures dipped 0.26 per cent to Rs 1,42,743 per 10 grams in morning trade, while MCX silver March futures eased 0.94 per cent to Rs 2,88,824 per kg.
Spot gold eased about 0.29 per cent to $4,602.43 an ounce, though it remained around 2 per cent higher for the week. Spot silver fell roughly 0.8 per cent to $91.69 an ounce after earlier touching an all‑time high of about $93.57–$93.70 during the session.
Analysts said the pullback came as the dollar index climbed toward 99.49, its strongest level since early December.
Market watchers said that rising geopolitical risks stemming from unrest in Iran and tensions involving Venezuela and Greenland continue to provide demand for precious metals.
See Here: Find out how much gold is worth in Bhubaneswar today
Gold and silver prices are expected to remain volatile this week amid volatility in the dollar index, ahead of the US Supreme Court decision on tariffs, they added.
The Augmont Bullion report said that silver retreated sharply from its record high of $93 after Trump refrained from announcing new tariffs on critical mineral imports. Instead, he said the US keeps negotiations open with foreign countries to secure supplies and swiftly cut supply-chain risks, while considering import curbs only if talks fail to yield timely results.
The report predicted that traders can witness some profitbooking and retracement, before prices move higher again.
Also Read: India Slams Pakistan for Misusing Self-Determination to Attack Pluralistic Nations
Investors are looking for cues from the US Federal Reserve for a potential easing amid global uncertainty. Softer-than-expected November producer inflation, both headline and core, alongside mild December consumer inflation data, has increased hopes of the US Fed implementing multiple rate cuts later this year.
(IANS)
Further, a softer tone from US President Donald Trump on Iran reduced safe‑haven demand for the precious metals.
MCX gold February futures dipped 0.26 per cent to Rs 1,42,743 per 10 grams in morning trade, while MCX silver March futures eased 0.94 per cent to Rs 2,88,824 per kg.
Spot gold eased about 0.29 per cent to $4,602.43 an ounce, though it remained around 2 per cent higher for the week. Spot silver fell roughly 0.8 per cent to $91.69 an ounce after earlier touching an all‑time high of about $93.57–$93.70 during the session.
Analysts said the pullback came as the dollar index climbed toward 99.49, its strongest level since early December.
Market watchers said that rising geopolitical risks stemming from unrest in Iran and tensions involving Venezuela and Greenland continue to provide demand for precious metals.
See Here: Find out how much gold is worth in Bhubaneswar today
Gold and silver prices are expected to remain volatile this week amid volatility in the dollar index, ahead of the US Supreme Court decision on tariffs, they added.
The Augmont Bullion report said that silver retreated sharply from its record high of $93 after Trump refrained from announcing new tariffs on critical mineral imports. Instead, he said the US keeps negotiations open with foreign countries to secure supplies and swiftly cut supply-chain risks, while considering import curbs only if talks fail to yield timely results.
The report predicted that traders can witness some profitbooking and retracement, before prices move higher again.
Also Read: India Slams Pakistan for Misusing Self-Determination to Attack Pluralistic Nations
Investors are looking for cues from the US Federal Reserve for a potential easing amid global uncertainty. Softer-than-expected November producer inflation, both headline and core, alongside mild December consumer inflation data, has increased hopes of the US Fed implementing multiple rate cuts later this year.
(IANS)
📱 Get Argus News App
✨📰 60 Word News🎬 Argus Podcast📺 Live TV and Breaking News🔔 Free Notification Alerts
Download Free:
Related Topics
Explore more stories