Gold falls ₹243 ahead of Federal Reserve meeting; silver rises ₹815

Gold and silver futures showed a mixed trend on Wednesday ahead of the US Federal Reserve’s monetary policy meeting. Gold prices were trading lower in early trade, while silver futures gained.

 

Both metals had registered a sharp fall in the domestic and global markets on Tuesday. On Comex, gold was trading near $4,025 per ounce, while silver was around $58 per ounce. On the Multi Commodity Exchange (MCX), gold futures were trading near ₹1,41,400 per 10 gram at the time of writing, while silver futures were around ₹2,16,650 per kg.

Gold prices fall

Gold futures opened lower on MCX. The benchmark August gold contract opened at ₹1,41,519 per 10 gram, down ₹104 from the previous close of ₹1,41,623.

 

 

At the time of writing, the contract was trading at ₹1,41,380, down ₹243. During the session, it touched a high of ₹1,41,591 and a low of ₹1,41,380. 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 ₹2,16,834 per kg, up ₹994 from the previous close of ₹2,15,840.

 

At the time of writing, the contract was trading at ₹2,16,655, up ₹815. During the session, it touched a high of ₹2,16,943 and a low of ₹2,16,424. Silver futures had touched their highest level of the year at Rs 4,20,048 per kg.

Gold weak, silver firm in international market

In the international market, gold and silver futures opened weak, though silver recovered later and started trading higher.

 

On Comex, gold opened at $4,020.90 per ounce. The previous closing price was $4,038.70 per ounce. At the time of writing, gold was trading at $4,024.30 per ounce, down $14.40. Gold prices had touched their highest level of the year at $5,586.20 per ounce.

 

Comex silver futures opened at $57.38 per ounce. The previous closing price was $57.52. At the time of writing, silver was trading at $58.15 per ounce, up $0.63. 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.