Mumbai, June 23: Gold and silver prices experienced a decline on Tuesday. This drop is attributed to the dollar index remaining consistently above 100 and concerns over rising global interest rates.
On the Multi Commodity Exchange (MCX), the gold contract for August 5, 2026, opened at ₹146,776, down ₹1,412 or 0.95% from the previous closing of ₹148,188.
By 9:43 AM, it had further decreased by ₹1,191 or 0.80%, trading at ₹146,927. During the trading session, gold reached a high of ₹146,528 and a low of ₹147,090.
Silver saw an even steeper decline. The contract for July 3, 2026, opened at ₹227,676, down ₹6,634 or 2.83% from the last close of ₹234,310.
Currently, it is trading at ₹228,283, reflecting a drop of ₹6,027 or 2.57%. Throughout the session, silver hit a low of ₹227,125 and a high of ₹228,800.
Experts indicate that the weakness in gold prices is due to the dollar index remaining above 100, which was recorded at 100.795 today. This marks the highest level for the dollar index in the past year.
The dollar index measures the value of the U.S. dollar against six major currencies: the euro, Japanese yen, British pound, Canadian dollar, Swedish krona, and Swiss franc.
The increase in the dollar index is linked to expectations that the U.S. Federal Reserve will raise interest rates this year to combat inflation.
Additionally, experts noted that investors are now focused on upcoming U.S. employment and unemployment data this week, as these figures could significantly impact gold prices.
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