Gold price today: A day after suffering losses of 5%, Gold rate on MCX jumped more than 2% in morning deals on Friday, March 20, largely due to value buying amid persisting geopolitical risks.
MCX gold April futures jumped 2.14% to ₹1,48,055 per 10 grams, while MCX silver May contracts surged 3.42% to ₹2,39,369 per kg.
While the medium to long-term outlook for gold remains healthy due to central bank buying and geopolitical factors, the dollar’s rise against its peers and weakening expectations of US Fed rate cuts this year remain key short-term challenges for precious metals.
Gold prices have seen strong losses this week so far amid a rising US dollar driven by a sharp jump in crude oil prices. Since oil is largely traded in US dollars, a sharp jump incommodity prices increases demand for the dollar, driving it higher. This weighs on gold’s safe haven appeal.
Domestic spot gold prices, as per MCX data, have crashed by nearly ₹10,600, or almost 7%, till Thursday this week.
US gold futures have crashed more than 7% this week, looking set to extend losses for the third consecutive week.
(This is a developing story. Please check back for fresh updates.)
Read all market-related news
Read more stories by
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.