Gold and silver prices dropped in international markets today. The decline came as the US dollar gained strength. Weaker-than-expected US weekly jobless claims boosted the dollar. President Donald Trump's moderated tone on Iran also reduced safe-haven demand for precious metals.
International Market Performance
Spot gold price fell by 0.29 percent. It reached $4,602.43 per ounce. Bullion had hit a record high of $4,642.72 on Wednesday. US gold futures for February delivery decreased by 0.27 percent. They settled at $4,611.20.
Spot silver declined more sharply. It dropped 1.26 percent to $91.25 per ounce. Earlier in the session, silver hit an all-time high of $93.57.
Impact of US Dollar Strength
The drop in gold prices followed a rise in the US dollar. The dollar hit a six-week high. This surge came after jobless claims unexpectedly fell.
The dollar index measures the greenback against a basket of currencies. It includes the yen and the euro. The index rose 0.24 percent to 99.31. It even reached 99.49 at one point. That was its highest level since December 2.
Domestic Market Trends
In contrast, gold and silver prices rose in the domestic market. They continued to hit record highs in the previous session.
MCX gold price touched a lifetime high. It reached ₹1,43,483 per 10 grams. MCX silver rate also hit a fresh peak. It climbed to ₹2,92,960 per kg on Thursday.
These domestic gains occurred despite the global downturn. The divergence highlights local market dynamics.
Investors should monitor these trends closely. Global factors like the dollar and geopolitical events influence prices. Domestic demand and currency fluctuations also play key roles.
