Mumbai — Precious metals witnessed a steep decline on Thursday, extending their losing streak as rising oil prices stoked inflation concerns and the US Federal Reserve maintained its current interest rate stance.
On the New York Commodity Exchange (Comex), gold prices dropped nearly 6 per cent, slipping to just above $4,600 per ounce in late trading. Silver recorded an even sharper fall, plunging close to 10 per cent to around $70.3 per ounce.
The downturn was mirrored in domestic markets, where gold futures for April delivery on the Multi Commodity Exchange (MCX) fell by over 5 per cent, losing ₹8,100 to trade at approximately ₹1.45 lakh per 10 grams. Silver futures for May delivery declined by nearly 7 per cent, shedding ₹17,100 to hover around ₹2.3 lakh per kilogram.
Market analysts attributed the fall to a combination of macroeconomic factors, particularly the US central bank’s decision to keep rates unchanged while flagging uncertainties linked to rising oil prices. The move strengthened the US dollar, which typically exerts downward pressure on bullion prices by making them more expensive for holders of other currencies.
With inflation concerns intensifying and currency movements turning unfavourable, precious metals remain under pressure, reflecting broader shifts in global financial sentiment.