Gold, silver drop in India as US dollar strengthens
Gold and silver prices in India dropped sharply on Monday, thanks to global market jitters and a stronger US dollar.
Gold futures on MCX slipped over 1%, falling below ₹1.53 lakh for 10gm, while silver tumbled nearly 2%, down by more than ₹4,500 to around ₹2.52 lakh per kilogram.
US dollar and yields pressure metals
It's not just an India thing: global trends are behind the slide. A strong US dollar and rising bond yields have put pressure on gold worldwide, with spot prices dipping too.
Plus, fresh tensions in West Asia (such as concerns about the Strait of Hormuz amid U.S.-Iran tensions) have made markets even shakier, pushing up oil prices and stoking inflation worries.
If you're tracking rates: MCX gold futures slipped below ₹1.53 lakh per 10gm on Monday, April 20, while silver hovered at ₹2.52 lakh per kilogram.
Experts think this volatility could stick around as global uncertainty continues.