Gold falls ₹182 on MCX, trading near ₹1,53,650; silver declines ₹907

Gold edged lower in early trade on Comex after opening at $4,448 per ounce, with the precious metal last trading at $4,458.90, down $1.80 from the previous close

Gold and silver futures opened lower on Thursday as rising crude oil prices raised inflation concerns and expectations of higher interest rates. This could put pressure on gold. However, demand for the yellow metal as an inflation hedge remained intact.

 

In the global market, gold was trading near $4,460 per ounce on Comex, while silver was around $68 per ounce. On the Multi Commodity Exchange (MCX), gold futures were trading near ₹1,53,650 per 10 gram at the time of writing, while silver futures were around ₹2,43,100 per kg.

 

Gold declines

 

Gold futures opened lower on MCX. The benchmark October gold contract opened at ₹1,53,581 per 10 gram, down ₹182 from the previous close of ₹1,53,763.

 

 

At the time of writing, the contract was trading at ₹1,53,650, down ₹113. During the session, it touched a high of ₹1,53,838 and a low of ₹1,53,581. Gold futures had touched their highest level of the year at ₹1,80,779.

 

Silver also slips

 

Silver futures also opened lower. The benchmark December silver contract on MCX opened at ₹2,43,292 per kg, down ₹907 from the previous close of ₹2,44,213.

 

At the time of writing, the contract was trading at ₹2,43,110, down ₹1,103. During the session, it touched a high of ₹2,43,581 and a low of ₹2,42,726. 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 $4,448 per ounce. The previous closing price was $4,460.70 per ounce. At the time of writing, gold was trading at $4,458.90 per ounce, down $1.80. Gold prices had touched their highest level of the year at $5,586.20 per ounce.

 

Comex silver futures opened at $67.94 per ounce. The previous closing price was $68.64. At the time of writing, silver was trading at $68.07 per ounce, down $0.57. Silver prices had touched their highest level of the year at $121.79 per ounce.