Precious metals crash to hit lower circuit on MCX; silver drops 12%, gold down 9%
Gold, silver rates today live updates: Gold, silver well below record highs
Gold and silver prices extended their sharp decline on Monday after a renewed surge in the US dollar rattled precious metal markets, following reports that US President Donald Trump has selected Kevin Warsh as the next head of the US Federal Reserve.
Gold fell 4.3 percent to $4,682 an ounce, while silver slid nearly five percent to around $81 an ounce, adding to the steep losses recorded at the end of last week.
The sell-off began on Friday, when bullion prices started retreating after the dollar strengthened on expectations that Warsh’s appointment could signal a more hawkish stance on monetary policy.
As a result of the sustained correction, both metals are now trading well below their recent record peaks. Gold had crossed $5,500 an ounce last week, while silver had surged past $120, before momentum reversed sharply.
