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Gold & Silver Rates Today Live: RBI Rates Decision Next Week Will Decide Fate Of Precious Metals?

Gold rates and silver rates in India witnessed a selloff last week, with 10 grams gold price falling below Rs 1.50 lakh mark at MCX. Meanwhile, MCX silver also crashed sharply to end below Rs 2.33 lakh mark. Physical gold price is hovering between Rs 1.50 lakh to Rs 1.51 lakh mark, while 1Kg silver price is resisting around Rs 2.50 lakh.

On the global front, spot gold price dropped by 2% to crash below $4,680 per ounce and end its four-consecutive days winning streak. However, spot silver managed to end near $73 per ounce with mild downside.

On the other hand, Crude oil prices have gained sharply. Last week, on Friday, Crude oil surged by 11.4% to end around $111.54 per barrel and Brent Crude climbed nearly 8% to close above $109 per barrel. US dollar closed above 100 mark after stronger-than-expected US job data, which brings back the expectation of US Fed keeping rates higher for longer.

As per Trading Economics, precious metals slipped as the US dollar and oil prices surged following President Donald Trump's vow to intensify attacks on Iran. His remarks, confirming the US had "nearly accomplished" its military objectives but offering no end in sight to the month-long conflict, sparked inflation fears and reinforced expectations of higher interest rates.

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