Gold, Silver Rates Today LIVE: Gold and silver prices declined in the international markets as the US dollar strengthened after weaker-than-expected US weekly jobless claims, while US President Donald Trump’s moderated tone on Iran weighed on safe-haven demand for the precious metals.
Spot gold price fell 0.29% to $4,602.43 per ounce, but was up more than 2% for the week. Bullion hit a record $4,642.72 on Wednesday. US gold futures for February delivery fell 0.27% to $4,611.20. Spot silver declined 0.8% to $91.6861 per ounce after hitting an all-time high of $93.57 earlier in the session.
The drop in gold price today came after the US dollar hit a six-week high as jobless claims unexpectedly fell. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.24% to 99.31, and reached 99.49, the highest since December 2.
In the domestic market, gold and silver prices rose and continued to hit record highs in the previous session. MCX gold price touched a lifetime high of ₹1,43,483 per 10 grams level, while MCX silver rate hit a fresh peak of ₹2,92,960 per kg on Thursday.
Gold or silver — which will top out first?
“Around two weeks ago, all metals were moving in one direction, but today the case looks different. Base metals and precious metals other than gold and silver have lost momentum. In between gold and silver, it is silver which is outshining gold, and hence, I am expecting gold to top out first,” said Amit Goel, Chief Global Strategist at Pace 360.
Stay tuned to our Gold, Silver Rates Today Live Blog for the latest updates.