30 Mar : Gold and silver prices fell sharply on Monday, tracking weakness in global bullion markets amid rising inflation concerns and fading expectations of a rate cut by the US Federal Reserve.
On the Multi Commodity Exchange, gold contracts for June delivery opened lower at ₹1,46,850 per 10 grams and later dropped over 2%, touching an intraday low of ₹1,44,212.
Silver futures for May delivery also declined, slipping nearly 1% to ₹2,25,763 per kg.
In international markets, gold prices weakened as rising energy costs linked to the US-Iran conflict fuelled inflation concerns and reduced the likelihood of interest rate cuts.
Spot gold fell 1.61% to $4,420.48 per ounce, while spot silver declined around 3% to $67.69 per ounce.
Similarly, COMEX gold dropped 1.69% to $4,447.50, and COMEX silver slipped nearly 3%.
Gold prices have fallen about 15% this month, marking the steepest decline since October 2008, largely due to a stronger US dollar, which has gained over 2% since late February.
Silver has also seen a sharp correction, falling nearly 30% from its March peak.
Analysts noted that gold continues to trade with a weak undertone despite intermittent safe-haven demand driven by geopolitical tensions.
They added that the near-term outlook for precious metals remains cautious, with prices likely to be influenced by macroeconomic indicators, interest rate expectations, and ongoing geopolitical developments.
