Silver rate today: Silver prices recovered over 3% on Friday, March 20, after 3 sessions of losses on the back of a softer dollar. However, the white metal was headed for a weekly decline weighed down by a hawkish US Federal Reserve stance that has reduced expectations of near-term rate cuts. The decision to hold rates steady comes amid rising crude oil prices, which are adding to inflationary pressures.
On MCX, silver price advanced 3.7% or over ₹8,500 to ₹2,40,000 per kg. Meanwhile, MCX gold price also added 2.3% or around ₹2,350 to ₹1,48,302 per 10 gram.
Spot silver gained 0.1% to $73 per ounce. Spot gold firmed 0.2% to $4,657.50 per ounce as of 0112 GMT. Bullion has lost more than 7% so far this week. U.S. gold futures for April delivery rose 1.1% to $4,657.90.
Spot platinum rose 0.1% at $1,972.80 and palladium added 0.4% to $1,452.21.
more to come…