New Delhi: On the first trading day of the week, both gold and silver prices have experienced a decline. The strengthening of the dollar, driven by escalating tensions in West Asia, has contributed to this drop. As the market opened on MCX, gold prices fell by over ₹3,000, while silver also saw a decrease of more than ₹2,000. Gold for delivery on June 5 closed at ₹1,47,255 per 10 grams in the previous session, but opened today at ₹1,46,850. During early trading, it plummeted to ₹1,44,212, marking a decline of ₹3,043.
By 9:50 AM, gold was trading at ₹1,45,686, reflecting a decrease of ₹1,569. Similarly, silver for May 5 delivery, which ended the last session at ₹2,27,954 per kilogram, opened today at ₹2,28,106 and fell to ₹2,25,797, a drop of ₹2,157 during early trading. At 9:50 AM, silver was trading at ₹2,25,805, down by ₹2,149 or 0.94%.
International Price Trends
In the international market, gold prices have also seen a decline, dropping over 1% to $4,439.45 per ounce. US gold futures for April delivery fell by 1.2% to $4,470.30 per ounce. This month, gold prices have decreased by 16%, marking the largest monthly drop since 2008, primarily due to the dollar's strength, which has surged by over 2% following the onset of the Iran conflict. Spot silver has also decreased by 1.3%, now priced at $68.67 per ounce.