The stability of the U.S. dollar contributed to making bullion less accessible for international buyers. Meanwhile, investors remained on the lookout for additional indications regarding the timing of the U.S. Federal Reserve s inaugural interest rate adjustment.
Gold prices dropped by Rs 2,900 in 10 days to Rs 71,065 per 10 grams from a peak of Rs 73,958, as investors ignored Middle East tensions. MCX June gold futures edged up by Rs 36, while May silver contracts rose by Rs 172 to Rs 80,850/kg today.
Gold prices on MCX fell amid reduced geopolitical tensions, with June futures dropping by 0.92% to Rs 70,541/10g, and May silver contracts down 0.9% to Rs 79,869/kg. The decline follows Fed s potential prolonged interest rate hikes, impacting gold s appeal. Investors await U.S. economic reports for policy clues.
On Friday, gold June futures contract settled at Rs72,806 per 10 grams while silver May futures contract settled at Rs 83,507 per kilogram. Precious metals have pulled back after a streak of highs in the previous weeks.