Representational Image (IANS)
Hyderabad: Gold and silver prices declined on Monday, April 13, on the Multi-Commodity Exchange (MCX), following global uncertainty triggered by failed US-Iran talks and rising inflation concerns.
On MCX, gold May futures dropped by Rs 1,055, or 0.7 per cent, to Rs 1,50,160 per 10 grams. Silver prices also saw a sharp fall, with May futures declining by Rs 5,424, or 2.23 per cent, to Rs 2,37,850 per kilogram.
The fall in bullion prices comes after ceasefire talks between the United States and Iran failed to reach an agreement. Tensions increased further after the US announced a blockade of the Strait of Hormuz, a key global oil route. This has raised fears of supply disruptions and a possible spike in crude oil prices, which have already crossed $100 per barrel.
Globally, gold prices hit a one-week low. Spot gold fell to around $4,694 per ounce, while silver dropped nearly 2 per cent to about $74 per ounce. A stronger US dollar and rising inflation have reduced expectations of interest rate cuts by the US Federal Reserve, putting pressure on gold prices.
Meanwhile, gold rates in major cities remained largely stable. In Hyderabad, 24 karat gold is priced at Rs 1,53,830 per 10 grams and 22K gold at Rs 1,41,010. In Chennai, 24K gold stands at Rs 1,54,920, while 22K gold is Rs 1,42,010. In Mumbai, 24K gold is priced at Rs 153830 and 22K gold at Rs 1,41,010.
In Delhi, 24K gold is priced at Rs 1,53,980 and 22K gold at Rs 1,41,148. Kolkata and Bengaluru reported similar rates, with 24K gold at Rs 1,53,830 and 22K gold at Rs 1,41,010.
Overall, gold prices have declined nearly 11 per cent since late February, reflecting market volatility amid ongoing geopolitical tensions and economic concerns.
Read More:
US Oil Benchmark Jumps 8%, Surpasses $100 After US Says It Would Block Iranian Ports