Gold, Silver Rate Today LIVE: Gold prices came under pressure on Tuesday, reversing early gains as a strong US dollar outweighed the safe-haven demand triggered by escalating US-Israeli military action against Iran, heightening geopolitical and economic uncertainty.
The US spot gold was down 1.4% at $5,252.05 an ounce, while US gold futures for April delivery fell 0.9% to $5,263.80. Silver prices also fell, down 6.5% to $83.63 an ounce after hitting a four-week high on Monday.
Why are gold, silver prices down?
The US dollar hit a more than one-month high, supported by firm demand and cautious market sentiment. A stronger dollar generally makes dollar-denominated commodities like gold more expensive for buyers using other currencies.
Gold, a non-yielding asset, typically performs better when interest rates are lower. Traders now expect the U.S. Federal Reserve to hold rates at the conclusion of its next two-day meeting on March 18, according to CME Group’s FedWatch tool. The probability of a rate hold in June, previously below 45%, has now risen to more than 60%.
Israeli Prime Minister Benjamin Netanyahu said the US-Israel campaign against Iran may take “some time” but is not expected to last years. Despite near-term volatility, many analysts remain bullish on gold.
Trading on MCX resumes
Back home, the Multi Commodity Exchange (MCX) resumed in the second half on Tuesday, March 3, as the markets were shut in the morning trade on account of Holi 2026.
MCX gold futures for April expiry opened with a 3% cut at ₹161,092 per 10 grams as against its last close of ₹166,074. MCX was closed for trading in the morning session on account of a public holiday to mark the festival of Holi.
At the same time, silver prices on MCX traded with a steeper decline of 6% as it traded at ₹261,773 per kilogram.
On Monday, gold prices on MCX closed 2.53% higher, ending the session at ₹1,66,199 per 10 grams. Meanwhile, silver prices on MCX ended Monday’s session in red, closed at ₹2,80,090 per kg.
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