Gold falls ₹399 on MCX, silver rises ₹193 amid inflation concerns

Gold futures were trading lower on Wednesday, while silver futures gained. Rising crude oil prices have raised inflation concerns and expectations of higher interest rates, which may weigh on gold. However, demand for gold as an inflation hedge has remained firm.

 

Gold had risen sharply in August, supported by higher investment and hedging demand, along with continued buying by central banks, including China’s central bank.

 

In the global market, gold was trading near $4,415 per ounce on Comex, while silver was around $66.60 per ounce. On the Multi Commodity Exchange (MCX), gold futures were trading near ₹1,52,350 per 10 gram at the time of writing, while silver futures were around ₹2,39,700 per kg.

 

Gold declines

Gold futures opened lower on MCX. The benchmark October gold contract opened at ₹1,52,180 per 10 gram, down ₹399 from the previous close of ₹1,52,579.

 

At the time of writing, the contract was trading at ₹1,52,369, down ₹210. During the session, it touched a high of ₹1,52,400 and a low of ₹1,52,101. Gold futures had touched their highest level of the year at ₹1,80,779.

Silver gains

Silver futures opened higher. The benchmark December silver contract on MCX opened at ₹2,39,620 per kg, up ₹193 from the previous close of ₹2,39,427.

 

At the time of writing, the contract was trading at ₹2,39,700, up ₹273. During the session, it touched a high of ₹2,39,765 and a low of ₹2,39,081. 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 $4,399 per ounce. The previous closing price was $4,439 per ounce. At the time of writing, gold was trading at $4,416.10 per ounce, down $22.90. Gold prices had touched their highest level of the year at $5,586.20 per ounce.

 

Comex silver futures opened at $66.44 per ounce. The previous closing price was $67. At the time of writing, silver was trading at $66.66 per ounce, down $0.34. 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.