Gold and Silver Prices Slide on MCX Amid Strengthening US Dollar

Precious metal prices dipped on MCX on Friday as the US dollar gained strength amid subdued risk appetite and cautious investor sentiment ahead of significant US economic releases. Gold futures opened at Rs 1,21,148 per 10 grams, down 0.29% from the previous close of Rs 1,21,508. Silver futures also started lower at Rs 1,48,140 per kg, 0.47% lower than Thursday’s close, reflecting a similar trend in global spot markets.

The dollar’s resurgence made bullion more expensive in other currencies, curbing demand for gold and silver. However, both metals slightly recovered mid-morning, with gold futures trading marginally higher and silver futures steady, indicating some profit booking and stabilized sentiment.

October saw a nearly 3.9% rise in gold prices despite the retreat, driven by inflation concerns and geopolitical tensions. The market remains attentive to the US Federal Reserve’s stance on interest rates, which influences dollar strength and precious metal demand.

Key Highlights:

Gold futures dipped 0.29% on MCX to Rs 1,21,148 per 10 grams.

Silver futures fell 0.47% to Rs 1,48,140 per kg, mirroring global trends.

Stronger US dollar limits demand for precious metals globally.

Gold's 3.9% October gain shows underlying bullish momentum.

Investors watch US economic data and Fed monetary policy closely.

Profit booking leads to slight recovery after morning losses.

Market sentiment affected by global trade developments.

Sources: Deshsewak, Times of India, TenNews.