Gold & Silver Rates Today Live: Gold Price Below Rs 1.46 Lakh, Silver At Rs 2.45 Lakh; 24K, 22K, 18K Gold

Gold rates and silver rates in India recorded one of their worst weeks in decades. Currently, 10 grams gold is below Rs 1.46 lakh in 24 carat, while MCX gold has dropped below Rs 1.45 lakh mark. Meanwhile, 1Kg physical silver has reached to Rs 2.45 lakh mark after MCX silver price crashed below Rs 2.30 lakh tone. Last week on Friday, spot gold plunged 3.5% to hit $4,488 per ounce mark, marking its weakest weekly decline since 1983. Spot silver closed last week at $67.5 per ounce after falling by over 7.1% on March 20th alone.

The selling pressure in precious metals escalated as higher energy prices continue to be cause of concern for inflationary risks and dash hopes of near-term rate cuts from US Federal Reserves.

Prices extended their decline after reports that the Pentagon is deploying three warships and thousands of Marines to the region, prompting traders to price in a 50% chance of a Federal Reserve rate hike by October amid fears of sustained inflation. The safe-haven metal has fallen every week since the US-Israel strikes on Iran last month, pressured by rising Treasury yields, a stronger dollar, and profit-taking as investors liquidated positions to offset losses elsewhere. Earlier this week, the Federal Reserve, European Central Bank, Bank of England, and Bank of Japan held rates steady but signaled readiness to tighten policy further if inflationary pressures persist, as per Trading Economics.

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