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Gold Rates & Silver Rates Today Live: Brutal Crash! MCX Gold Falls By Rs 11,800, Silver Price Drops 24,500

Gold rates and silver rates in India crashed massively on March 24th as international bullion prices extended their losses to the fourth week now. On Monday, in the early hours, spot gold has nosedived by 3-4% to trade below $4,400, while spot silver price dropped by 3-4% as well to strangle around $65 per ounce.

In the opening bell, MCX gold dropped by nearly 6% and erased Rs 1.37 lakh mark. While MCX silver dropped by nearly Rs 14,000 to hit below Rs 2.13 lakh mark.

Gold and silver prices in the country are down by 12% to 17% in March so far. Inflation fears have intensified with new threats exchanged between US, Israel and Iran. Major economies are currently facing difficulty in boosting liquidity and dollar has firmed around 100 mark.

The Iran war shows little sign of easing, with President Donald Trump threatening strikes on Iranian power plants if the Strait of Hormuz is not reopened, while Tehran warned it would target key US and Israeli assets across the region if its energy facilities were hit. Last week, gold dropped over 10% as surging oil prices fueled inflation concerns, prompting markets to price in a prolonged pause or potential rate hikes from major central banks, as per Trading Economics.

As per the data, traders are likely betting on a possible Federal Reserve rate hike by end of the current year amid fears of persistent inflation. Last week, major central banks like ECB, BOE and BOJ also kept rates unchanged, however, hinted at readiness to tighten policy further if inflationary pressures persist.

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