Gold futures fall 0.78% to ₹1.51L, silver slides over 2%
Business
Gold and silver prices took a hit on Monday, with gold futures dropping 0.78% to ₹1.51 lakh per 10gm and silver sliding over 2% to ₹2.37 lakh per kilogram on the MCX.
Globally, spot gold also slipped to a near one-week low as international trends weighed in.
Stronger US dollar, oil above $100
The main culprit: a stronger US dollar and rising crude oil prices, sparked by failed U.S.-Iran peace talks that pushed oil above $100 a barrel.
This has investors worried about inflation and fewer chances of US interest rate cuts: bad news for non-yielding assets like gold.
While global tensions usually boost gold, higher interest rates and a strong US dollar are making it less attractive right now.
Other metals had mixed moves: platinum dipped slightly but palladium edged up.