Gold rises ₹1,291 amid Fed rate-hike concerns, silver jumps ₹3,667

Investors are awaiting the policy decision of the US Federal Reserve. The central bank is expected to raise interest rates by 25 basis points, which may put pressure on gold and silver prices.

 

However, gold and silver prices opened higher on Wednesday, September 16. In the global market, gold was trading near $4,375 per ounce on Comex, while silver was trading near $65 per ounce.

 

In the domestic market, gold futures on the Multi Commodity Exchange (MCX) were trading near ₹1,51,750 per 10 gram at the time of writing, while silver futures were trading near ₹2,35,200 per kg.

Gold futures rise

Gold futures opened higher. On the MCX, the benchmark October gold contract opened ₹1,291 higher at ₹1,52,100 per 10 gram. The previous close was ₹1,50,809.

 

 

At the time of writing, the contract was trading ₹976 higher at ₹1,51,785. It touched an intraday high of ₹1,52,100 and a low of ₹1,51,691.

 

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

Silver also gains

Silver futures also opened firm. On the MCX, the benchmark December silver contract opened ₹3,667 higher at ₹2,35,785 per kg. The previous close was ₹2,32,118.

 

At the time of writing, the contract was trading ₹3,082 higher at ₹2,35,200. It touched an intraday high of ₹2,35,988 and a low of ₹2,34,972.

 

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

Gold, silver firm in international market

Gold and silver futures were trading higher in the international market.

 

On Comex, gold opened at $4,333.50 per ounce. The previous closing price was $4,332.80. At the time of writing, it was trading $42.80 higher at $4,375.60 per ounce.

 

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

 

Comex silver futures opened at $64.18 per ounce. The previous closing price was $63.85. At the time of writing, silver was trading $1.36 higher at $65.21 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.