Gold Update / Gold and Silver Prices Plunge Up to 6%; Check Latest Rates
·1 week ago·2 min read
Key Points
Gold prices had already declined more than 10 per cent last week, indicating sustained selling pressure in global markets.
Mumbai, Mar 23: Gold and silver prices in India witnessed a sharp decline on Monday, mirroring weakness in global bullion markets as investors grew increasingly cautious over inflationary pressures and the possibility of interest rate hikes. The sell-off was further fueled by escalating geopolitical tensions between the United States and Iran, which rattled investor sentiment worldwide.
On the Multi Commodity Exchange (MCX), gold futures opened significantly lower. The April 2 contract for gold fell as much as 5.59 per cent, or ₹8,089, to hit an intra-day low of ₹1,36,403 per 10 grams by 9:40 am. Silver futures also faced heavy selling, dropping 6.63 per cent, or ₹15,043, to ₹2,11,729 per kilogram.
As trading progressed, silver recovered slightly but remained under pressure, quoted at ₹2,14,745, still down ₹12,027 or 5.3 per cent. Gold futures were last seen at ₹1,37,924, lower by ₹6,568 or 4.5 per cent.
Also Read: Should You Buy Gold Now as Prices in India Recover after Sharp Fall ?
In the international market, bullion prices also extended their decline, with gold falling to a nearly four-month low.
Spot gold slipped 3.80 per cent to $4,320.19 per ounce, its ninth consecutive session of losses, while US gold futures dropped 4 per cent.
Silver prices also weakened globally, with spot silver falling 4.65 per cent to $64.63 per ounce.
Analysts said the sharp correction in precious metals reflects a shift in investor sentiment, as rising geopolitical tensions have heightened inflationary risks and raised expectations of tighter monetary policy globally.
Gold prices had already declined more than 10 per cent last week, indicating sustained selling pressure in global markets.
Market participants will now closely watch further developments in geopolitical tensions and the global interest rate outlook, which are expected to influence bullion prices in the near term.
Daily Gold Rate Update: City-wise Price Breakdown
Meanwhile, crude oil prices surged amid escalating tensions in West Asia, with Brent crude futures rising 0.68 per cent to $112.95 per barrel, while US WTI crude futures traded 3.32 per cent higher at $101.50.
In the currency market, the rupee hit a fresh low of 93.84 against US dollar. Equity benchmarks also opened lower, with Sensex and Nifty declining 2 per cent each.
--IANS
On the Multi Commodity Exchange (MCX), gold futures opened significantly lower. The April 2 contract for gold fell as much as 5.59 per cent, or ₹8,089, to hit an intra-day low of ₹1,36,403 per 10 grams by 9:40 am. Silver futures also faced heavy selling, dropping 6.63 per cent, or ₹15,043, to ₹2,11,729 per kilogram.
As trading progressed, silver recovered slightly but remained under pressure, quoted at ₹2,14,745, still down ₹12,027 or 5.3 per cent. Gold futures were last seen at ₹1,37,924, lower by ₹6,568 or 4.5 per cent.
Also Read: Should You Buy Gold Now as Prices in India Recover after Sharp Fall ?
In the international market, bullion prices also extended their decline, with gold falling to a nearly four-month low.
Spot gold slipped 3.80 per cent to $4,320.19 per ounce, its ninth consecutive session of losses, while US gold futures dropped 4 per cent.
Silver prices also weakened globally, with spot silver falling 4.65 per cent to $64.63 per ounce.
Analysts said the sharp correction in precious metals reflects a shift in investor sentiment, as rising geopolitical tensions have heightened inflationary risks and raised expectations of tighter monetary policy globally.
Gold prices had already declined more than 10 per cent last week, indicating sustained selling pressure in global markets.
Market participants will now closely watch further developments in geopolitical tensions and the global interest rate outlook, which are expected to influence bullion prices in the near term.
Daily Gold Rate Update: City-wise Price Breakdown
Meanwhile, crude oil prices surged amid escalating tensions in West Asia, with Brent crude futures rising 0.68 per cent to $112.95 per barrel, while US WTI crude futures traded 3.32 per cent higher at $101.50.
In the currency market, the rupee hit a fresh low of 93.84 against US dollar. Equity benchmarks also opened lower, with Sensex and Nifty declining 2 per cent each.
--IANS
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