Gold and silver prices saw a decline on Monday, with gold slipping below Rs 1.44 lakh and silver hovering near Rs 2.23 lakh due to weak global cues. Gold futures on the Multi Commodity Exchange opened slightly higher but later faced selling pressure, trading at Rs 1,43,470, down 0.48%. Silver futures, on the other hand, traded flat in early deals, opening at Rs 2,23,912 per kg.
In the international market, precious metals also traded lower, with COMEX gold down 0.41% at $4,078 per ounce and COMEX silver declining over 1% to $58.52 per ounce. Analysts noted that gold prices were under pressure due to renewed geopolitical tensions and expectations of higher US interest rates, along with a stronger US dollar and elevated US Treasury yields impacting bullion prices.
Investors are keeping a close watch on key US economic data for further insights into the Fed’s policy outlook and the US dollar’s direction. Meanwhile, the Indian rupee opened slightly higher against the US dollar, and international benchmark Brent crude rose about 1% to $72.78 per barrel, with US West Texas Intermediate crude gaining over 2% to nearly $71 per barrel.
