Gold, Silver Prices Today: Gold Rates Drop, Silver Prices Surge - Check Rates In Mumbai & Other Key Cities
The rate of 24 karat gold per gram in India stood Rs 81 lower at Rs 14,728, while the prices for 22 karat gold. per gram was Rs 75 lower at Rs 13,500. The rate for 18K gold stood Rs 61 lower at Rs 11,046.
- Republic Business
- 2 min read
Gold, Silver Rates Today: The gold and silver prices in India traded lower on Monday, March 30, after losses in the global bullion rates.
In the South Asian nation, the MCX gold rate for June expiry contracts opened. 0.27% lower at Rs 1,46,850 per 10 grams as against its earlier close of Rs 1,47,255 level.
The MCX silver price rose 0.06% higher to open at Rs 2,28,106 per kg as compared to its previous close of Rs 2,27,954 level.
Meanwhile, the rate of 24 karat gold per gram in India stood Rs 81 lower at Rs 14,728, while the prices for 22 karat gold. per gram was Rs 75 lower at Rs 13,500. The rate for 18K gold stood Rs 61 lower at Rs 11,046.
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From Mumbai To Kolkata: Check Gold Prices Across Key Indian Cities
Why Gold Prices Fell Today
The yellow metal prices dipped on Monday amid rising energy prices triggered by the ongoing Middle East conflict, which has also reduced hopes of US Fed interest rate cut.
The prices of spot gold declined 1.2% to $4,439.45 per ounce, meanwhile, spot silver price dipped 1.2% to $68.67 per ounce.
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Gold prices declined in the international markets as surge in energy prices due to the ongoing US-Iran war fueled inflation worries and dented hopes of interest rate cuts by the US Federal Reserve this year.
In March, gold has shredded 16%, signalling its biggest decline since October 2008. On the other hand, silver prices declined 30% from its March high, indicating sustained pressure.
With the ongoing US-Iran war creating inflationary pressure, gold's worth as an hedge against inflation bolsters.