Gold, silver tumble up to 4 pc amid stronger dollar, rising crude prices
Gold and silver prices traded sharply lower on Friday, with both precious metals declining in domestic trade by up to 4 per cent amid strength in the dollar index.
Gold and silver prices traded sharply lower on Friday, with both precious metals declining in domestic trade by up to 4 per cent amid strength in the dollar index.
Gold and silver prices traded higher on Thursday, with prices rising by up to 1 per cent amid a rise in crude oil prices and uncertainty surrounding the US-Iran peace deal.
Global crude oil prices declined almost 3 per cent on Monday after US President Donald Trump said Washington would take steps to help clear vessels stranded in the Strait of Hormuz, though the lack of a breakthrough in US-Iran talks kept prices above the $100-mark.
Gold futures on the MCX dipped close to 1 per cent on Thursday from record high in the previous session due to profit booking, amid easing geopolitical tensions and strengthening of dollar.
Gold and silver prices opened sharply lower on Thursday on the Multi Commodity Exchange (MCX) after the US Federal Reserve announced a 25-basis points rate cut.
In the international market, spot gold was up 0.2 per cent at $2,283.76 per ounce in morning trade after touching an all-time high of $2,288.09 earlier in the session.
Prices of the precious metal rose by Rs 1,028 per over the previous day's closing which works out to a nearly 1.5 per cent increase.
The rate of silver on Sunday morning was trading 1.80 per cent up at Rs 57,670 per kilo against its closing price in the last session, according to MCXindia.com.
The September contract of silver on the MCX was trading at Rs 67,228 per kg, lower by Rs 18 from its previous close.
The April contract of gold futures on the MCX was at Rs 44,458 per 10 gram.
