Gold Rates & Silver Rates Today (16-04-2026) Live: MCX Gold & Silver Price Falls As Oil Prices Rally Sharply

Gold rates and silver rates in India erased all their early gains in the evening session. MCX gold price dropped to below Rs 1.54 lakh mark, while MCX silver underperformed with nearly 1% decline to hit below Rs 2.49 lakh per 1Kg mark. Spot gold also retreated from $4,800 and spot silver is trading under $79 mark.

The precious metals pulled back from their 1-month high level as investors sentiment turned bearish. The performance is amidst surge in crude oil prices. Brent Crude and US WTI are trading between 97-98 per barrel and racing to reclaim the 100 mark.

Investors assess the development for a second round of negotiations between US and Iran for a long-term peace. This could help ease the energy crisis and further cool off inflationary pressure.

Reports suggested Washington and Tehran are considering extending their two-week ceasefire to allow more time for talks, even as the Strait of Hormuz remains effectively closed under a dual blockade. Attention is now shifting to a possible second round of US-Iran discussions, expected to focus on reopening the strait and Iran's nuclear enrichment program. Precious metals have drawn support in recent weeks as diplomatic progress in the Middle East reduced concerns over inflation and possible central bank tightening. However, silver remains nearly 15% lower since the conflict began, as per Trading Economics.

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