Gold rises ₹85 on MCX, silver jumps ₹2,033 on soft US inflation data

Gold and silver were supported by soft US inflation data, a fall in crude oil prices and easing expectations of further interest rate increases by the Federal Reserve. The precious metals showed a mixed trend on Monday.

 

In the domestic market, gold recovered after a weak opening, while silver traded higher. In the global market, gold slipped after opening firm, while silver retained its gains.

 

On Comex, gold was trading near $4,400 per ounce, while silver was around $63.70 per ounce. On the Multi Commodity Exchange (MCX), gold futures were trading near ₹1,51,900 per 10 gram at the time of writing, while silver futures were around ₹2,33,500 per kg.

Gold recovers after weak start

Gold futures opened lower on MCX. The benchmark October gold contract opened at ₹1,51,793 per 10 gram, down ₹27 from the previous close of ₹1,51,820.

 

However, at the time of writing, the contract was trading at ₹1,51,905, up ₹ 85. During the session, it touched a high of ₹1,51,947 and a low of ₹1,51,461. Gold futures had touched their highest level of the year at ₹1,80,779.

Silver gains

Silver futures opened higher. The benchmark September silver contract on MCX opened at ₹2,31,799 per kg, up ₹333 from the previous close of ₹2,31,466.

 

At the time of writing, the contract was trading at ₹2,33,499, up ₹2,033. During the session, it touched a high of ₹2,33,618 and a low of ₹2,31,660. Silver futures had touched their highest level of the year at ₹4,20,048 per kg.

Gold slips after firm start in global market; silver rises

In the international market, gold futures were trading lower, while silver futures gained.

 

On Comex, gold opened at $4,400 per ounce. The previous closing price was $4,399.70 per ounce. At the time of writing, gold was trading at $4,389.60 per ounce, down $10.10. Gold prices had touched their highest level of the year at $5,586.20 per ounce.

 

Comex silver futures opened at $63.80 per ounce. The previous closing price was $63.49. At the time of writing, silver was trading at $63.70 per ounce, up $0.21. Silver prices had touched their highest level of the year at $121.79 per ounce.

MCX, Comex prices

 

 

Note: MCX gold futures prices are in rupees per 10 gram, while MCX silver futures prices are in rupees per kg. Comex gold and silver futures prices are in dollars per ounce. Last traded prices are as of the time of writing.