18 May,2026 01:06 PM IST | Mumbai | mid-day online correspondent
Safe-haven demand lifts gold briefly, but gains capped by strong US yields. Representational Image
Gold futures on the Multi Commodity Exchange (MCX) were trading at Rs 1,58,697 per 10 grams in early trade on Monday, up Rs 150 or 0.09 per cent, reported IANS.
During the session, gold touched an intraday high of Rs 1,58,884 and a low of Rs 1,57,547, showing strong volatility throughout the day.
Silver futures (July 3 contract) were trading at Rs 2,71,627 per kg, down Rs 259 or 0.10 per cent.
The metal saw sharp swings, falling as much as 2.55 per cent to an intraday low of Rs 2,64,949 before recovering to an intraday high of Rs 2,74,145, up Rs 2,259 during the session, as per the news agency.
Analysts said precious metals are under pressure due to a stronger US dollar and rising US Treasury yields after higher-than-expected US inflation data. "Inflation data has reduced expectations of interest rate cuts by the US Federal Reserve this year, which is weighing on gold and silver."
Experts also said rising tensions in West Asia have pushed crude oil prices higher, adding to global inflation fears and influencing commodity markets.
Silver also came under additional pressure after UBS reduced its full-year investment demand forecast and predicted a smaller global supply deficit, reported the news agency.
This added to the negative sentiment in global bullion markets.
In international trade, COMEX gold fell 0.39 per cent to USD 4,543 per ounce, while COMEX silver dropped 2.28 per cent to USD 75.778 per ounce.
Crude oil prices surged due to concerns over supply disruptions after an attack on a nuclear facility in the United Arab Emirates. Brent crude rose 2.37 per cent to USD 111.86 per barrel, while US West Texas Intermediate (WTI) crude gained 3.11 per cent to USD 108.70 per barrel.
(With IANS Inputs)
