MCX Gold, Silver Plummet as Stronger Dollar and Higher Yields Weigh on Metals

Gold and silver futures fell on the Multi Commodity Exchange (MCX) due to a stronger US dollar and rising Treasury yields.

The MCX gold futures for October delivery were down 0.55% at ₹1.50 lakh per 10 grams, while silver futures for December delivery declined 1.16% to ₹2.33 lakh per kg.

Aamir Makda, Commodity & Currency Analyst, Technical Research at Choice Broking, said MCX gold has continued its negative momentum due to a stronger US dollar and Treasury yields.

Higher yields can weigh on gold because the precious metal does not offer interest income, while a stronger dollar makes dollar-denominated bullion more expensive for holders of other currencies.