Gold, silver slide as tech rout and strong dollar dent gains
Gold, silver slide as tech rout and strong dollar dent gains
Gold and silver slip on a tech selloff and firmer dollar, with domestic MCX prices easing and global futures in the red for the week.
Gold and silver faced modest weekly losses as global tech routs and a firmer US dollar weighed on bullion. MCX gold opened today at ₹1,51,948 per 10 grams, down ₹1,098 or 0.71% from the previous close of ₹1,53,046. The weaker start comes as global bullion markets face pressure and the dollar strengthens, curbing safe-haven demand in early trade.
Across the international arena, prices showed a cautious mood. Spot gold rose about 0.4% to $4,790.80 per ounce by 0224 GMT, but remained down around 1.4% for the week. U.S. gold futures for April delivery fell 1.7% to $4,806.50 per ounce as investors weighed inflation narratives and shifting rate expectations.
In domestic markets, gold and silver setups reflected a split picture. Gold rates in India stood at ₹1,59,730 per 10 grams for 24-karat gold and ₹1,46,440 per 10 grams for 22-karat gold. Silver on MCX slid sharply on Thursday, dropping about 9% to ₹2,44,654 per kg, while later updates showed silver quoted around ₹3,37,100 per kg as trading moods fluctuated. The week has been tough for the metals, with both slipping and then trying to claw back some losses in late sessions.
Looking ahead, metals are likely to stay under pressure as tech equities remain volatile and the dollar maintains its strength. Traders will be watching global cues, inflation data, and central bank guidance for any signs of a shift that could lift bullion prices or extend the slide.
