Gold Rates & Silver Rates Today Live: MCX Gold & Silver Recovers Some Losses; 24K, 22K,18K Gold Prices

Gold rates and silver rates in India dropped sharply amidst bearish global cues. MCX Gold and MCX silver futures fall significantly on Monday, starting the week on a bearish note. After the closing bell, MCX gold and silver recovered some losses. MCX gold ended above Rs 1.55 lakh and MCX silver futures closed above Rs 2.41 lakh.

On the global front, on Monday, COMEX gold is down by nearly 1% to struggle around $5,010 per ounce. Meanwhile, spot silver futures plunged by 3.4% to trade around $75.35 per ounce.

Last week, COMEX gold and silver recorded a sharp upside by 3% due to softer-than-expected US CPI data, which ignited hope for a dovish stance from the US Federal Reserve in the coming policy.

Investors are awaiting the release of FOMC meeting minutes, the US GDP advance estimate, and PCE inflation data for further clues on the timing of the next rate cut. On the geopolitical front, traders are monitoring nuclear talks between the US and Iran, as well as US-led negotiations aimed at ending the war in Ukraine, both scheduled to resume on Tuesday. Developments in these areas could influence risk sentiment and safe-haven demand. Despite recent volatility, the precious metal remained supported by ongoing geopolitical uncertainty, strong central bank buying, and investor flight from sovereign bonds and currencies, as per Trading Economics.

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