National News
Gold Rallies 4%, Silver Soars Over 5% On MCX As Dollar Weakens and Oil Prices Ease
MCX gold surged to ₹1,44,434 per 10g while silver jumped over 5.5%, supported by easing inflation concerns and improving geopolitical sentiment.
Gold and silver prices snapped a sharp two-session losing streak on Wednesday, as a retreating U.S. dollar and cooling crude oil prices reignited appetite for precious metals.
On the Multi Commodity Exchange (MCX), gold futures for June delivery jumped 4% to hit an intraday high of Rs.1,44,434 per 10 grams. Silver outpaced its yellow counterpart, surging more than 5.5% to trade near Rs.2,36,137 per kilogram. The rebound follows a brutal week of selling that saw bullion prices correct nearly 13% from recent highs amid a global liquidity squeeze.
The sudden reversal in sentiment was fueled by a convergence of three key macroeconomic shifts:
- Weakening Greenback: The U.S. Dollar Index (DXY) slipped to 99.34, making dollar-denominated assets more affordable for international buyers.
- Crude Oil De-escalation: Brent crude fell below the psychologically significant $100-per-barrel mark, trading near $96. Easing energy costs have tempered fears of “sticky” inflation, allowing traders to price in a more dovish stance from central banks.
- Geopolitical Thaw: Reports of potential diplomatic breakthroughs between Washington and Tehran—including a rumored 15-point peace proposal—reduced the immediate “war premium” on the dollar, shifting capital back into oversold commodities.
Market Impact and Outlook
The rally extended into the exchange-traded fund (ETF) space, where silver ETFs saw gains of up to 11%. Analysts note that while the long-term trend remains volatile, the “buy the dip” mentality has returned as gold holds key support at the Rs.1,41,000 level.
National News
Gold Gains Rs 85 On MCX; Silver Jumps Rs 2,033 On Softer US Inflation Data
Gold Recovered After Opening On A Weak Note, While Silver Extended Its Gains. In International Markets, Gold Eased After Opening Firm, Whereas Silver Continued To Trade Higher.
Gold and silver futures traded higher in the domestic market on Monday, supported by softer US inflation data, declining crude oil prices and easing expectations of further interest-rate hikes by the US Federal Reserve.
Gold recovered after opening on a weak note, while silver extended its gains. In international markets, gold eased after opening firm, whereas silver continued to trade higher.
On the Multi Commodity Exchange (MCX), the benchmark October gold contract opened at Rs 1,51,793 per 10 grams, down Rs 27 from its previous close of Rs 1,51,820. The contract later recovered and was trading at Rs 1,51,905 per 10 grams, up Rs 85. During the session, it touched a high of Rs 1,51,947 and a low of Rs 1,51,461.
Silver futures opened higher, with the benchmark September contract starting at Rs 2,31,799 per kg, up Rs 333 from the previous close of Rs 2,31,466. The contract subsequently climbed to Rs 2,33,499 per kg, recording a gain of Rs 2,033. It touched an intraday high of Rs 2,33,618 and a low of Rs 2,31,660.
In the global market, gold was trading near $4,400 per ounce on Comex, while silver was quoted at around $63.70 per ounce.
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