Gold and silver slip in India as global gold falls
Gold and silver prices in India slipped a bit on Monday, echoing global trends.
Gold futures dropped 0.15% to ₹1.51 lakh per 10gm, while silver futures nudged down 0.08% to ₹2.50 lakh per kilogram.
Globally, spot gold fell to $4,605 an ounce and US gold futures dipped too, with silver holding steady near $75 an ounce.
Oil and dollar stoke inflation fears
Rising oil prices and a strong US dollar are making inflation worries worse, which takes some shine off gold's appeal for investors.
Ongoing tensions between the US and Iran (especially around the Strait of Hormuz) are also adding pressure, leading central banks to keep interest rates higher for longer.
As Manav Modi, commodities analyst at Motilal Oswal Financial Services, put it, "Gold prices are extending last week's decline and are hovering near one-month lows as energy-led inflation risks and hawkish central bank signals weigh on sentiment,"