Gold falls ₹115 on US interest rate hike fears, silver declines ₹461

Gold and silver futures weakened in early trade on Tuesday as concerns over a possible increase in US interest rates and a rise in bond yields put pressure on prices.

 

In the international market, gold traded near a five-week low. On Comex, gold was trading near $4,350 per ounce, while silver was around $64 per ounce. On the Multi Commodity Exchange (MCX), gold futures were trading near ₹1,51,150 per 10 gram at the time of writing, while silver futures were around ₹2,32,200 per kg.

Gold prices fall

Gold futures opened lower on MCX. The benchmark October gold contract opened at ₹1,51,115 per 10 gram, down ₹115 from the previous close of ₹1,51,230.

 

 

At the time of writing, the contract was trading at ₹1,51,181, down ₹49. During the session, it touched a high of ₹1,51,553 and a low of ₹1,51,115. Gold futures had touched their highest level of the year at ₹1,80,779.

Silver loses shine

Silver futures also opened lower. The benchmark December silver contract on MCX opened at ₹2,32,229 per kg, down ₹461 from the previous close of ₹2,32,690.

 

At the time of writing, the contract was trading at ₹2,32,200, down ₹490. During the session, it touched a high of ₹2,32,546 and a low of ₹2,31,679. Silver futures had touched their highest level of the year at ₹4,20,048 per kg.

Gold, silver weak in international market

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

 

On Comex, gold opened at $4,340.30 per ounce. The previous closing price was $4,351.90 per ounce. At the time of writing, gold was trading at $4,349.40 per ounce, down $2.50. Gold prices had touched their highest level of the year at $5,586.20 per ounce.

 

Comex silver futures opened at $63.76 per ounce. The previous closing price was $64.13. At the time of writing, silver was trading at $64.01 per ounce, down $0.12. 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.