Gold crosses $4,550, silver tops $67 in global market on weak dollar

Gold and silver opened higher on Thursday, supported by a weak dollar and softer global bond yields. The pace of bond selling slowed after yields touched multi-decade highs. According to the Chicago Mercantile Exchange FedWatch Tool (CME FedWatch Tool), the probability of interest rates being kept unchanged in September stands at 67 per cent.

 

Strong purchases by central banks and firm safe-haven demand also supported gold prices. These factors helped lift both gold and silver.

 

In the global market, gold was trading near $4,550 per ounce on Comex, while silver was around $67 per ounce. On the Multi Commodity Exchange (MCX), gold futures were trading near ₹1,58,300 per 10 gram at the time of writing, while silver futures were around ₹2,40,300 per kg.

 

Gold turns costlier

Gold futures opened higher on MCX. The benchmark October gold contract opened at ₹1,58,008 per 10 gram, up ₹12 from the previous close of ₹1,57,996.

 

At the time of writing, the contract was trading at ₹1,58,279, up ₹283. During the session, it touched a high of ₹1,58,300 and a low of ₹1,58,008. Gold futures had touched their highest level of the year at ₹1,80,779.

Silver also gains

Silver futures also opened higher. The benchmark September silver contract on MCX opened at ₹2,38,500 per kg, up ₹1,713 from the previous close of ₹2,36,787.

 

At the time of writing, the contract was trading at ₹2,40,300, up ₹3,513. During the session, it touched a high of ₹2,41,167 and a low of ₹2,38,500. Silver futures had touched their highest level of the year at ₹4,20,048 per kg.

Gold, silver rise in international market

In the international market, gold and silver futures were trading higher.

 

On Comex, gold opened at $4,580 per ounce. The previous closing price was $4,545.30 per ounce. At the time of writing, gold was trading at $4,552.50 per ounce, up $7.20. Gold prices had touched their highest level of the year at $5,586.20 per ounce.

 

Comex silver futures opened at $67.08 per ounce. The previous closing price was $65.82. At the time of writing, silver was trading at $67.30 per ounce, up $1.47. Silver prices had touched their highest level of the year at $121.79 per ounce. 

MCX, Comex prices

Exchange	Commodity	Open	Previous close	Last traded price
MCX	Gold	₹1,58,008	₹1,57,996	₹1,58,279
MCX	Silver	₹2,38,500	₹2,36,787	₹2,40,300
Comex	Gold	$4,580	$4,545.30	$4,552.50
Comex	Silver	$67.08	$65.82	$67.30

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.