Gold Silver Price Today January 8 : Gold and silver prices remained under pressure on Wednesday, extending losses for the second straight session in both domestic and international markets. Profit-booking by investors, a stronger US dollar, and rising US bond yields continued to weigh on precious metal prices.
MCX Gold Weakens, Silver Trades Volatile
On the Multi Commodity Exchange (MCX), gold futures for February delivery slipped 0.25% in early trade to ₹1,37,665 per 10 grams. Silver futures for March delivery opened nearly flat and traded around ₹2,50,600 per kg, reflecting ongoing volatility.
By 9:22 AM, MCX gold was down ₹311, trading at ₹1,37,698 per 10 grams, while silver declined ₹405 to ₹2,50,200 per kg.
Profit Booking and Strong Dollar Impact Prices
Market analysts attribute the recent decline in gold and silver prices primarily to profit-taking after recent highs. The US Dollar Index is hovering near a two-week high, while the 10-year US Treasury yield has moved higher, reducing the appeal of non-yielding assets like gold.
A stronger dollar makes gold more expensive for overseas buyers, while rising bond yields increase the opportunity cost of holding bullion, leading to reduced demand for precious metals.
Weakness Seen in International Markets
Precious metals also witnessed sharp losses in the global market.
- Spot gold fell 1.02% to $4,439 per ounce.
- Spot silver saw heavier selling pressure, plunging 3.70% to $77.95 per ounce.
The decline in global prices further added pressure to domestic bullion rates.
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Retail and Domestic Bullion Market Update
In the Indian retail market, gold prices showed a downward trend on January 8. According to CaratLane, 22-carat gold was priced at ₹12,587 per gram.
In the bullion market:
- 24-carat gold dropped by ₹590 to trade at ₹1,37,290 per 10 grams
- Silver prices declined by ₹2,410, settling at ₹2,49,390 per kg
Outlook for Gold and Silver Prices
Experts suggest that gold and silver prices may remain range-bound in the near term as long as the US dollar stays strong and bond yields remain elevated. However, long-term investors may view price dips as potential buying opportunities, depending on global economic cues and central bank signals.
Yogesh Kolhe is a market and business news author with a focus on the automobile sector and gold and silver price movements, offering readers practical insights into industry and market trends.
