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Gold Rates & Silver Rates Today Live: MCX Gold & Silver Price Falls By 1% As Spot Gold Price Hits Below $4,500

Gold prices and silver prices in India dropped sharply after weak global cues on March 30th. The start of the week has been bearish broadly as crude oil prices picked up momentum to hit above $115 per barrel as the conflict between US-Israel and Iran enters the fifth week in the Middle East. Apart from Iran's proxy Hezbollah, Houthis from Yemen also entered the feud by targeting Israel during the weekend.

Following this, inflation fear and rate hike cycle concern has only intensified. In the early hours of Monday, MCX gold price dropped to hit an intraday low of Rs 1,44,212 per 10 grams, correcting steeply from Rs 1.47 lakh mark recorded last week on Friday. MCX silver price also plunged to hit an intraday low of Rs 2,25,763 per 1Kg, and is trading near this level. Both precious metals are currently down by 1% each.

Meanwhile, spot gold fell below $4,500 per ounce due to uncertainties around the Middle East conflict. However, spot silver gained by nearly 1% to trade around $70 per ounce.

In crude oil, US WTI Oil Futures jumped by 2% to trade above $101 per barrel and Brent crude gained nearly 2.5% to trade above $115 per barrel. The downside in precious metals is also due to the firmness in the dollar, which stayed above the 100 mark.

In Middle East, as per Trading Economics data, hostilities in the region intensified as Iran-backed Houthi militants in Yemen joined the conflict, targeting Israel over the weekend. The militant group also has the capacity to launch strikes on vessels transiting the Red Sea and key Saudi Arabian energy infrastructure. Meanwhile, the US military is reportedly preparing for weeks of ground operations in Iran after additional troops arrived in the region.

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