Stronger dollar and crude oil push down gold and silver
Gold and silver prices took a dip on Monday, both in India and around the world. The main reasons? A stronger US dollar and rising crude oil prices.
In India, gold dropped below ₹1.52 lakh on the MCX, while silver slid by nearly ₹1,000 before leveling out.
Globally, spot gold traded at $4,650 to $4,680 per ounce and silver slipped under $80.
Experts expect prices to remain rangebound
Experts say inflation worries, thanks to pricier oil, and renewed tensions between the US and Iran are making investors nervous about bullion.
Manav Modi from Motilal Oswal summed it up: Gold declined on the back of dollar strength and crude-driven inflation fears.
Unless there's a big change in global risks or the dollar weakens soon, gold and silver are expected to stay in this price range for now.