Gold rates in India are trading cautiously on MCX, but silver rates in the country continued to face selling pressure amidst volatile trends in the global market on May 21. MCX gold erased its Rs 1.60 lakh mark and MCX silver dropped by nearly Rs 1,700 in the opening bell.
Spot gold which soared by 1% in the early trade, erased its gains and is currently under pressure but above $4,500. However, spot silver continued to witness selloffs with nearly a 1% drop to struggle around $75 per ounce.
On the other hand, crude oil prices gained by 1% each, with US WTI crude traded above $99 per barrel and Brent Crude near $106 per barrel.
President Donald Trump said the US was in the final stages of negotiations with Iran, fueling expectations that the strategically important Strait of Hormuz may soon reopen. The prospect of restored shipping flows triggered a sharp decline in oil prices, helping temper inflation fears and lowering expectations that central banks will need to tighten monetary policy. At the same time, minutes from the Federal Reserve's latest policy meeting showed that most officials believe a rate increase this year could still be warranted if inflation remains above the Fed's 2% target. Investors remain divided on whether the central bank will raise rates by December or leave borrowing costs unchanged through year-end, as per Trading Economics.
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