Gold, Silver Prices Decline Mirroring Losses In International Markets

Gold, Silver Price Today: Gold and silver prices fell in domestic markets mirroring loses in international markets after gold touched over 1-week low dragged down by a stronger dollar. Gold futures for delivery in August declined as much as Rs 526 or 1 per cent to hit an intraday low of Rs 48,405. In spot market, fine gold or 24 carat gold was priced at Rs 48,475 per 10 grams, India Bullion and Jewellers Association (IBJA) said on microblogging site Twitter. 22 carat gold was retailed at Rs 48,281, 18 carat gold was sold at Rs 44,403 and 14 carat gold was priced at Rs 36,356 per 10 grams.

Gold prices hit a more than one-week low on Monday, dragged down by a stronger dollar, while cautious investors awaited the outcome of the U.S. Federal Reserve policy meeting this week with recent spikes in consumer prices seen as a temporary blip.

Spot gold was down 0.6 per cent at $1,864.61 per ounce, as of 11;16 am, its lowest since June 4.

US gold futures fell 0.7 per cent to $1,866 per ounce.

The dollar strengthened 0.1 per cent to hover near a one-week high against its rivals, making gold more expensive for holders of other currencies.

Last week, data showed a sharp rise in May U.S. consumer prices. But Fed officials have repeatedly said that inflation would be transitory.

Focus now shifts to the Fed's June 15-16 meeting for further clarity on policymakers' view on rising inflation and monetary policy going forward.

Silver was also facing selling pressure on the Multi Commodity Exchange (MCX) as silver futures for delivery in July dropped as much as 0.84 per cent to Rs 71,620 per kilogram.