MUMBAI: Gold and silver prices opened sharply lower on Thursday on the Multi Commodity Exchange (MCX) after the US Federal Reserve announced a 25-basis points rate cut.

The decline in precious metal prices came as investors assessed the Fed’s cautious stance on future rate cuts. Gold futures on the MCX opened 1.27 per cent lower at Rs 1,19,125 per 10 grams, compared to the previous close of Rs 1,20,666.

Silver prices also dropped, opening 0.4 per cent lower at Rs 1,45,498 per kilogram, against the previous close of Rs 1,46,081. By 9:42 AM, gold prices had extended losses and were trading lower by Rs 1,827, or 1.51 per cent, at Rs 1,18,839 per 10 grams.

Silver, too, was down by Rs 1,411, or 0.97 per cent, at Rs 1,44,670 per kilogram. In the international market, gold prices inched sligh

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