Dollar Surge Sends Gold, Silver Prices into Three-Week Low

Gold and silver prices have taken a hit due to a stronger dollar and higher oil prices. The MCX gold price fell more than 1% on Wednesday, trading at Rs 1.50 lakh mark, while MCX silver dropped by 1.44% to around Rs 2.32 lakh per 1 kg.

The weakness in global bullion markets has put pressure on precious metal prices in India. The global cues of a stronger dollar and higher oil prices have caused a dip in gold and silver prices, pushing them down to a three-week low and below the 200-day moving average.

Spot gold was down nearly 1% at $4,304.01 per ounce, its lowest since August 7, while spot silver was also down 1% at $63 per ounce. This is the fourth consecutive fall in precious metals prices.