Gold prices today: On the Multi Commodity Exchange (MCX), gold futures began trading at Rs. 55,913.00 per 10 grams, showing a slight decrease of 0.30%. On the other hand, silver futures opened at 65,331.00 per kilogram, with a slight decrease of 0.16%.
As of 3:24 pm GMT, spot silver experienced a decline of 0.93% and was trading at $21.62 per ounce. Platinum reached a price of $952.04. On the other hand, Palladium was trading at $1,488.69.
Gold prices have come under pressure in recent weeks, as the strength of the US dollar and the risk of a more hawkish monetary policy stance from the Federal Reserve have led investors to reduce their exposure to the precious metal.
The dollar has been on an upward trend, buoyed by improving economic data and expectations of higher interest rates in the US. This has made gold, which is priced in dollars, more expensive for foreign buyers, reducing demand for the metal.
At the same time, the Federal Reserve has signaled that it may start tapering its bond-buying program in the coming months, which could lead to higher interest rates and a stronger dollar. This has further weighed on gold prices, as higher interest rates make other investments, such as bonds and stocks, more attractive to investors.
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