Domestic prices decline on MCX
Gold and silver prices declined in early trade on Monday, tracking weakness in global markets and growing uncertainty over inflation and interest rates.
In international markets, Gold slipped more than 3% to around $4,340 per ounce, hitting its lowest level in nearly four months and marking the ninth consecutive session of losses. US gold futures also registered a sharp fall.
Silver mirrored the trend, dropping more than 3% in global trade.
Domestic prices on MCX
On the Multi Commodity Exchange of India, gold opened about 5% lower, while silver started the session with a 6% decline.
According to market data:
- 24-carat gold slipped by ₹10 to ₹1,45,960 per 10 grams
- 22-carat gold fell by ₹10 to ₹1,33,790 per 10 grams
- Silver dropped ₹100 to ₹2,44,900 per kg
Across major cities including Delhi, Mumbai, and Kolkata, silver prices stood at ₹2,44,900 per kg, while Chennai quoted slightly higher levels at ₹2,49,900 per kg.
Why bullion prices are falling
Analysts say multiple global factors are pressuring bullion prices.
Rising crude oil prices are fuelling inflation concerns worldwide, while expectations of higher interest rates are reducing the appeal of gold, which does not generate interest income. At the same time, a stronger US dollar and rising bond yields are making precious metals more expensive for overseas buyers.
Geopolitical tensions in the Middle East, including uncertainty around the Strait of Hormuz, have also added to volatility in global commodity markets.
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There is no logic nor meaning for any rise or fall of Gold prices it is erratic & crazy. People are made fools