Gold price today 
New Delhi: Gold and silver prices in India fell on Monday, in line with the global trend, as investors opted for alternative safe-haven assets such as the U.S. dollar and bonds after Turkey’s abrupt decision to replace its central bank head with a critic of high interest rates sparked financial uncertainty.
On Multi Commodity Exchange (MCX), Gold April futures were down 0.22% o Rs 100 per 10 gram at Rs 44,921 as of 11:23 am compared to its previous closing price of Rs 45,021. Silver May futures were down 1.75% or Rs 1,184 per kg at Rs 66,343 as against its previous closing value of Rs 67,527.
Spot gold was down 0.32% at $1,735.15 per ounce, having dipped as much as 0.7% earlier in the session. Spot silver was down 2.42% at $25.688 per ounce.
“This morning when the Turkish Lira fell out of bid, we might have seen gold benefiting with the dollar and Japanese yen but that’s clearly not the case,” news agency Reuters quoted Michael McCarthy, chief market strategist at CMC Markets as saying.
“The stronger dollar seems to be the major driver for gold market at the moment with the currency moves … It appears that U.S. dollar and yen remain the favourite choices.”
Turkey President Tayyip Erdogan replaced a hawkish central bank chief with an opponent of tight monetary policy on Saturday, in a shock move that raised concerns about the impact on other financial markets and supported the dollar as a safe-haven currency.
Analysts say spot gold may take support at $1,716 levels. But a break below that level could take the yellow metal to $1,669 to $1,691 range.
Meanwhile, the U.S. Federal Reserve said on Friday it would not extend a temporary pandemic regulatory break on capital requirements due to expire this month.
“The commercial banks will have less tendency to hold or purchase more of U.S. Treasuries so less demand for Treasuries will likely lead to even higher yields on the longer-term curve…that will likely weigh on gold prices even more,” Reuters quoted DailyFX strategist Margaret Yang as saying.