Gold Rate Rises on MCX Amid Dollar Weakness
Gold prices experienced sharp volatility in March, influenced by the ongoing US-Iran conflict. The West Asian conflict has significantly increased crude oil prices, driving the dollar index higher and impacting gold prices.Domestic spot gold prices have declined nearly 9% in March, according to MCX data.
Hareesh V, Head of Commodity Research at Geojit Investments, noted, “Gold and silver may see a mild near-term recovery, but breaking recent highs looks difficult. While supportive geopolitics could underpin sentiment, a firm US dollar is likely to cap strong upside, keeping price movements relatively restrained for now.”
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