Gold opens ₹141 lower, silver rises ₹424 on MCX as oil prices fall

Oil prices declined for a sixth consecutive session after US President Donald Trump said American officials had a “very good” meeting with Iranian representatives. Lower crude oil prices provided support to precious metals.

 

Silver futures opened higher on Wednesday, September 23, while gold traded with modest losses in the domestic market.

 

In the global market, gold futures on Comex were trading near $4,380 per ounce, while silver was trading near $67 per ounce. In the domestic market, gold futures on the Multi Commodity Exchange (MCX) were trading near ₹1,52,550 per 10 gram at the time of writing, while silver futures were trading near ₹2,40,350 per kg.

 

Gold opens lower

Gold futures opened with losses. On the MCX, the benchmark October gold contract opened ₹141 lower at ₹1,52,575 per 10 gram. The previous close was ₹1,52,716.

 

At the time of writing, the contract was trading ₹166 lower at ₹ 1,52,550. It touched an intraday high of ₹1,52,848 and a low of ₹1,52,549.

 

Gold futures had touched a high of ₹1,80,779 per 10 gram earlier this year.

Silver gains

Silver futures opened higher. On the MCX, the benchmark December silver contract opened ₹424 higher at ₹2,40,312 per kg. The previous close was ₹2,39,888.

 

At the time of writing, the contract was trading ₹453 higher at ₹2,40,341. It touched an intraday high of ₹2,40,481 and a low of ₹2,40,092.

 

Silver futures had touched a high of ₹4,20,048 per kg earlier this year.

Gold, silver firm in international market

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

 

On Comex, gold opened at $4,394.70 per ounce. The previous closing price was $4,376.40. At the time of writing, it was trading $1.40 higher at $4,377.80 per ounce.

 

Gold prices had touched a high of $5,586.20 per ounce earlier this year.

 

Comex silver futures opened at $67.61 per ounce. The previous closing price was $66.53. At the time of writing, silver was trading $0.54 higher at $67.07 per ounce.

 

Silver prices had touched a high of $121.79 per ounce earlier this year.

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.