Strong Dollar Causes Gold and Silver Prices to Plummet by ₹11,700

Mumbai, May 15: Gold and silver prices opened lower on Friday, with both precious metals experiencing a decline of up to ₹11,700.

On the Multi Commodity Exchange (MCX), the silver contract for July 3, 2026, opened at ₹2,80,000, down ₹11,102 or 3.81% from the previous closing of ₹2,91,102. During the day, it hit a low of ₹2,79,458, which is ₹11,644 lower than the last close, while the intraday high was ₹2,83,938. As of 10:06 AM, silver was trading at ₹2,82,539, reflecting a decrease of 2.94% or ₹8,563.

Gold also showed weakness alongside silver. The gold contract for June 5, 2026, opened at ₹1,60,790, down ₹1,188 or 0.73% from the previous closing of ₹1,61,978. It reached an intraday low of ₹1,60,355, which is ₹1,623 lower than the last close, with an intraday high of ₹1,60,992.

As of the time of reporting, gold was trading at ₹1,60,540, down 0.89% or ₹1,438.

Internationally, both gold and silver are also witnessing declines. Gold is priced at $4,615 per ounce, down 1.54%, while silver is at $81.49 per ounce, down 4.47%.

Experts noted that gold is fluctuating between $4,600 and $4,750 per ounce, with support levels between $4,560 and $4,520 per ounce. Resistance levels are seen between $4,700 and $4,750 per ounce.

The weakening of gold and silver prices is attributed to the strengthening dollar index. The dollar index rose by 0.23% to 98.955, reaching its highest level in the past five weeks. This index reflects the value of the U.S. dollar against six major currencies: the euro, Japanese yen, British pound, Canadian dollar, Swedish krona, and Swiss franc.

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