NEW DELHI: Gold and silver prices opened flat but dipped marginally on Friday, amid profit‑taking capped after recent record highs and strengthening of US dollar.
MCX gold April futures lost 0.14 per cent to Rs 1, 60, 046 per 10 grams around 11.10 am on an intraday basis. Meanwhile, MCX silver May futures declined 0.19 per cent to Rs 2, 67, 448 per kg.
However, the decline was capped by safe‑haven demand amid the ongoing US‑Iran war, and high crude prices kept underlying support intact.
Gold today mainly driven by US‑Iran war news, the US dollar rate, and oil price movements, analysts said adding that crude oil’s bull trend, fuelled by the blockade in the Strait of Hormuz, is aiding the petro‑dollar system, with gold moving inversely to oil and dollar rates.
Persistent tensions in the US-Israel conflict with Iran continued to fuel higher energy prices and inflation concerns, prompting stronger flows into the U.S. dollar and bond yields, said Manav Modi Commodities Analyst Motilal Oswal Financial services Ltd.