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March 4, 2024

Gold and Silver Prices Today: Yellow Metal Hovers Near Rs 63,400 as Dollar Weakens

Gold prices in India witnessed a modest increase on Monday, influenced by global market trends, with the yellow metal trading close to the Rs 63,400 mark. The uptick in gold prices can be attributed to the weakening of the dollar index, which measures the strength of the American currency against a basket of six major peers. As of now, the dollar index is trading marginally higher at 103.88.

At noon, gold futures for delivery in April 5 are trading slightly lower by 0.13 percent at Rs 63,478 per 10 grams. Meanwhile, silver prices are experiencing a marginal decline of 0.32 percent, trading at Rs 72,050 per kilogram.

According to the latest updates from the GoodReturns website, the price of 24-carat gold witnessed a minor dip of Rs 10, settling at Rs 64,080 for 10 grams in early trading on Monday. Spot gold prices remained steady near a two-month high, buoyed by softer economic indicators from the United States, reinforcing expectations of a potential interest rate cut by the Federal Reserve in June.

Spot gold saw a slight 0.1 percent decrease, reaching $2,081.11 per ounce as of 04:00 GMT, remaining close to the $2088.19 level achieved on Friday, marking its highest level since December 28. Meanwhile, US gold futures experienced a 0.3 percent decline, settling at $2,090.00. Marex analyst Edward Meir highlighted the pivotal role of interest rate expectations, stating, “The key drivers for gold is what’s going to happen on the interest rate front – and we saw a move higher in gold on Friday because a series of macro releases out of the US moved the narrative towards the Fed possibly decreasing rates sooner than expected.” Gold prices observed an increase of approximately $50 last week.

In the commodity market, spot platinum witnessed a 0.7 percent decline, trading at $884.35 per ounce, while palladium saw a modest 0.1 percent rise, reaching $956.53. Both platinum and palladium have experienced declines exceeding 10 percent since the beginning of the year. Additionally, spot silver prices dropped by 0.4 percent, settling at $23.06.

Rajan Shukla

Rajan Shukla

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