Gold falls ₹362 on MCX, silver drops ₹2,418 as global yields rise

Gold and silver futures opened lower on Wednesday as the yield on the 30-year US Treasury bond touched a 19-year high and government bond yields in major economies rose to multi-decade highs. Profit booking also weighed on prices.

 

However, easing expectations of an interest rate increase by the Federal Reserve remained a positive factor for gold and silver.

 

In the global market, gold was trading near $4,410 per ounce on Comex, while silver was around $63 per ounce. On the Multi Commodity Exchange (MCX), gold futures were trading near ₹1,54,200 per 10 gram at the time of writing, while silver futures were around ₹2,30,250 per kg.

 

Gold prices fall

Gold futures opened lower on MCX. The benchmark October gold contract opened at ₹1,53,900 per 10 gram, down ₹362 from the previous close of ₹1,54,262.

 

At the time of writing, the contract was trading at ₹1,54,193, down ₹69. During the session, it touched a high of ₹1,54,326 and a low of ₹1,53,900. Gold futures had touched their highest level of the year at ₹1,80,779.

Silver also declines

Silver futures also opened weak. The benchmark September silver contract on MCX opened at ₹2,30,001 per kg, down ₹2,418 from the previous close of ₹2,32,419.

 

At the time of writing, the contract was trading at ₹2,30,238, down ₹2,181. During the session, it touched a high of ₹2,30,528 and a low of ₹2,29,666. 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 $4,391.40 per ounce. The previous closing price was $4,420.60 per ounce. At the time of writing, gold was trading at $4,409.40 per ounce, down $11.20. Gold prices had touched their highest level of the year at $5,586.20 per ounce.

 

Comex silver futures opened at $63.42 per ounce. The previous closing price was $64.03. At the time of writing, silver was trading at $63.11 per ounce, down $0.92. 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.