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Gold and silver slip on MCX as the dollar firms and tensions rise
MCX gold August futures were about 0.5% lower at ₹1,42,547 per 10 grams, while silver September contracts fell about 0.4% to ₹2,19,117 per kg around 9:10 AM.
Gold and silver prices fell on the MCX on Friday morning as investors took profits amid a firmer US dollar and escalating US-Iran tensions, even after US inflation data came in below expectations, according to LiveMint Markets.
MCX gold August futures were down about 0.5% at ₹1,42,547 per 10 grams, while MCX silver September contracts declined about 0.4% to ₹2,19,117 per kg around 9:10 AM. The outlet noted that the previous session saw gold up about 1% and silver rising more than 1% after the US Fed held rates steady.
The Middle East conflict expanded after Jordan’s air defences shot down five missiles launched from Iran, hours after the US said it had completed a heavy wave of strikes against Iran. LiveMint Markets added that the conflict has drawn in other regional countries, and oil prices stayed supported with Brent near $88 per barrel in morning trading.
LiveMint Markets also pointed to currency and rates moves, saying the dollar index climbed about 0.4%, which tends to raise the cost of gold for overseas buyers, while US 10-year bond yields eased to 4.65% from 4.71% in the prior session. The outlet said expectations for aggressive Fed hikes eased after the inflation print, although yields have remained elevated this month on rate hike expectations.
Latest closeGold $4,098.60 ▼0.0%|Silver $57.77 ▼1.8%|Brent $90.12 ▲1.2%