Mumbai, June 24: Gold and silver prices experienced a decline on Wednesday, primarily due to the strengthening of the dollar.
On the Multi Commodity Exchange (MCX), the gold contract for August 5, 2026, opened at ₹145,000, down ₹1,528 or 1.04% from the previous closing of ₹146,529.
By 9:48 AM, gold had further decreased by ₹2,279 or 1.56%, reaching ₹144,250. The trading session saw gold hitting a low of ₹144,250 and a high of ₹145,000.
Silver also showed signs of weakness. The contract for silver set to expire on July 3, 2026, opened at ₹222,579, down ₹3,255 or 1.44% from the last closing of ₹225,834.
As of the latest update, silver was trading at ₹222,031, reflecting a decline of ₹3,803 or 1.68%.
International markets mirrored this trend, with gold falling 1.75% to $4,077.70 per ounce and silver dropping 1.69% to $61.02 per ounce.
The decline in gold prices is attributed to the strong dollar, with the Dollar Index rising to 101.265, marking its highest level in nearly 12 months. This index reflects the dollar’s strength against six major currencies: the euro, Japanese yen, British pound, Canadian dollar, Swedish krona, and Swiss franc.
Additionally, the ongoing Iran-U.S. conflict has disrupted global supply chains, raising inflation risks. This has led many central banks worldwide to consider increasing interest rates. Recently, Kevin Warsh, the head of the U.S. Federal Reserve, hinted at potential rate hikes in 2026, further pressuring gold and silver prices.
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