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Gold Silver Price Volatility, Gold Silver Spot Price Today: Gold and silver fell on Tuesday after two straight sessions of gains, as the dollar edged higher from a more than one-week low, while investors awaited key U.S. jobs and inflation data due later this week to gauge the interest rate trajectory.
Spot Gold Price Today
Spot gold fell 1% to $5,016.56 per ounce by 0055 GMT (6:25 AM IST). The metal gained 2% on Monday, as the dollar weakened to a more than one-week low. It had scaled a record high of $5,594.82 per ounce on January 29.
U.S. gold futures for April delivery lost 0.8% to $5,041.60 per ounce.
Gold rose nearly 4 per cent last week, and is drawing support from China's central bank PBoC buying gold for the 15th straight month in January and a weaker US dollar.
However, geopolitical tensions remain contained as Iran-US negotiations, despite wide differences on certain issues, are likely to continue.
Spot Silver Price Today
Spot silver was down 2.5% at $81.31/oz, after rising nearly 7% in the previous session. It had hit an all-time high of $121.64 on January 29.
The U.S. dollar index rose 0.2% from a more than one-week low hit in the previous session, making greenback-priced metals more expensive for overseas buyers.
Gold Silver Price Today in India
Silver prices climbed more than 6 per cent to Rs 2.72 lakh per kilogram in New Delhi on Monday, while gold rose nearly 1 per cent to Rs 1.58 lakh per 10 grams, driven by firm global trends and a weaker US dollar. The white metal climbed Rs 17,000, or 6.66 per cent to Rs 2,72,000 per kilogram (inclusive of all taxes), from Friday's closing level of Rs 2,55,000 per kg.
In addition, gold of 99.9 per cent purity increased Rs 1,300, or 0.83 per cent to Rs 1,58,500 per 10 grams (inclusive of all taxes). It had closed at Rs 1,57,200 per 10 grams in the previous session.
What's behind the recent sharp price fall?
Several factors seem to have combined to trigger the sharp sell-off. The key driver was a stronger US dollar, fuelled by fears that interest rates would stay higher for longer, which put pressure on gold and silver.
Market sentiment was further hit by political signals around the US Federal Reserve. Speculation that Kevin Warsh, known for his hawkish views, could become the next Fed chief raised concerns that a tough anti-inflation stance and elevated rates would persist, prompting investors to move away from traditional safe-haven assets.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
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