Gold, Silver Plunge on MCX: Profit Booking Amid Strong Dollar, Weak Global Cues

• MCX Gold April futures dropped 2% (₹2,700) to ₹1,49,396 per 10 grams, while Silver March contract fell 6% (₹14,600) to ₹2,29,187 per kilogram.
• International gold prices also declined by approximately 2% to $4,806.50 per troy ounce due to a strong dollar.
• The fall is attributed to profit booking, weak global cues, a stronger dollar, and lower spot market demand, with gold heading for a second consecutive weekly loss.
• Easing geopolitical tensions contributed to the profit booking, though US Fed interest rate cut expectations remain a positive factor for precious metals.
• Commodity expert Manoj Kumar Jain of Prithvi Finmart recommends buying MCX CRUDE OIL (FEB) and MCX ZINC (Feb) for trading opportunities.