Gold and Silver Prices Fall Sharply Amid Global Pressure
Gold and silver prices in India saw a sharp drop on Monday, following a decline in global bullion markets. The ongoing tensions between the US and Iran have raised concerns about inflation and the possibility of higher global interest rates, which has affected investor sentiment.
On the MCX, gold opened about 3% lower at ₹1,40,158 per 10 grams, compared to its previous close of ₹1,44,492. Prices slipped further during the session, touching a low of ₹1,36,403 - a drop of over 5%. Silver also faced strong selling pressure, opening 4% lower and later falling nearly 6% to ₹2,13,166 per kg.
In international markets, gold prices fell more than 2%, hitting their lowest level in around four months. Spot gold declined to about $4,372 per ounce, while US gold futures dropped even further. Silver prices also moved lower, reflecting the overall weakness in precious metals.
The recent fall comes after a tough week, where gold prices dropped more than 10%. Rising crude oil prices due to geopolitical tensions have increased inflation worries, leading investors to rethink expectations around interest rate cuts. In fact, the chances of a US Federal Reserve rate hike have increased in recent days.
According to market experts, gold has already fallen significantly this month, and further corrections are possible if rate hike expectations continue to rise. Investors are closely watching global developments, especially the US-Iran situation, as it continues to influence market movements.
Looking ahead, analysts believe gold may find support around ₹1,30,000–₹1,33,000 levels, while resistance could be seen near ₹1,40,000–₹1,44,000. Silver is expected to find support between ₹1,85,000 and ₹2,00,000.
Overall, experts suggest staying cautious and avoiding rushed decisions. Keeping an eye on market trends and global developments can help investors make better choices during this volatile period.
