Energy Price Surges Drive Gold Prices Down to One-Week Lows
MCX Gold 5th June futures declined 0.49% to Rs. 1,51,899 per 10 grams, while the MCX Silver May contract fell 1.92% to Rs. 2,38,609 per kg. This decline was driven by a stronger US dollar and rising inflation concerns. Inflation concerns rose after US-Iran peace talks in Islamabad failed and the US military announced a blockade of the Strait of Hormuz starting Monday at 10 am Eastern Time. The blockade announcement triggered a surge in crude oil and natural gas prices. These energy price surges fueled inflation concerns, which weakened expectations for US Federal Reserve interest rate cuts this year. Spot gold fell 1.1% to $4,694.30 per ounce, its lowest level since April 7, and US gold futures for June delivery fell 1.4% to $4,717.80. On the MCX, 10 grams of 24K gold traded at Rs. 1,52,840 in Mumbai and Kolkata, Rs. 1,52,460 in Chennai, and Rs. 1,52,610 in Delhi. The MCX Silver May contract fell 1.92% to Rs. 2,38,609 per kg.
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