Gold rate today, 5th April 2024: Gold price dips 0.5%, silver price crashes over ₹1000/kg as US dollar rate rebounds
Gold rate today: After climbing to record highs on Thursday, gold and silver prices came under sell-off pressure as the US dollar bounced back in early morning deals on Friday. The MCX gold rate for June 2024 expiry opened lower at ₹69,297 per 10 gm, which is around 0.50 percent lower from Thursday's close price of ₹69,707 per 10 gm level.
In the international market, spot gold price came below the $2,300 level in the early morning session. Spot gold price is currently oscillating around $2,275 per ounce level.
Likewise, the silver rate today on MCX opened lower at ₹79,339 per kg level and went on to touch an intraday low of ₹78,777 per kg mark within a few minutes of the commodity market's opening bell. In the international market, silver price is around $26.50 per ounce level.
On why precious metal prices are under pressure today, Anuj Gupta, Head of Commodity & Currency at HDFC Securities said, "Gold and silver prices are under pressure because of the bounce back in the US dollar rates. After retracing from the four-and-half month high on Thursday, the US dollar index has witnessed some bottom fishing in the early morning session that has put precious metals under pressure." On triggers that may dictate gold and silver rates today, Saish Sandeep Sawant Dessai, Analyst — Base Metals at Angel One said, "Federal Reserve officials, including US central bank chief Jerome Powell, reiterated the necessity for additional discussion and data before implementing rate reductions, a move anticipated by financial markets around June.
Despite this, data revealing a higher-than-expected rise in Americans filing for unemployment benefits last week indicated a gradual easing in labor market conditions. Attention now turns to the US
. Read more on livemint.com
