Good news: Gold and silver prices drop: What's the current rate?

Mumbai (The Uttam Hindu): Weakness is being seen in the prices of gold and silver on Monday, due to which the prices of both the precious metals have decreased by about Rs 3,500.

On the Multi Commodity Exchange (MCS), gold was trading at Rs 1,57,274, down by Rs 1,192 or 0.75 per cent, in the April 2, 2026 contract. So far, gold has made a high of Rs 1,57,347 and a low of Rs 1,56,665. Silver was trading at Rs 2,56,340, down by Rs 3,435 or 1.19 per cent, in the May 5, 2026 contract. So far, silver has touched a low of Rs 2,54,367 and a high of Rs 2,56,444.

Gold and silver are also seeing a decline in international markets. Gold was down 0.66 percent at $5,028 per ounce, and silver was down 0.79 percent at $80.70 per ounce. According to experts, the reason for the decline in gold prices is the US Fed meeting starting on March 17, the results of which will be announced on March 18. Given the rise in crude oil prices, the US Fed may keep interest rates unchanged, due to which investors are remaining cautious ahead of this meeting.

The decisions of this meeting will play a key role in determining the direction of gold. Furthermore, the dollar remains strong, with crude oil prices consistently above $100 per barrel, exerting pressure on gold prices. Meanwhile, the Iran conflict shows no signs of abating, with the US and Israel attacking a major export terminal over the weekend, prompting Tehran to warn of strong retaliation. This continues to support gold and silver prices.