Mumbai, March 9 || Gold and silver prices eased on Monday amid a firmer US dollar and higher inflation expectations, trimming hopes of US Fed rate cuts in the near term.
MCX gold April futures lost 0.16 per cent to Rs 1,61,380 per 10 grams around 11.10 am on an intraday basis. Meanwhile, MCX silver May futures declined 1.30 per cent to Rs 2,64,799 per kg.
Earlier in the day, gold futures had dipped 1.1 per cent, while silver futures had declined 1.4 per cent, before a strong rebound by precious metals.
The US dollar strengthened to cross its three‑month high touching 99.34 up 0.36 per cent on an intraday basis, making dollar‑priced bullion costlier for holders of other currencies.
Analysts said that US Treasury yields surging with the 10‑year papers hitting a one‑month high, increased the opportunity cost of holding non‑yielding metals.
Meanwhile crude oil surged around 27 per cent to $116 per barrel marking the first time since 2022 when both benchmarks crossed the $100 mark. The spike followed escalating hostilities in the Middle East amid supply disruptions at the Strait of Hormuz.