Gold rises ₹176 on MCX amid short covering; silver drops ₹1,479

Gold futures edge higher on short covering even as a firmer dollar and elevated US Treasury yields cap gains, while silver trades lower

Gold futures rose on Thursday due to short covering despite pressure from a strong dollar and elevated US Treasury yields. Silver futures, however, were trading lower.

 

In the global market, gold was trading near $4,050 per ounce on Comex, while silver was around $57.75 per ounce. On the Multi Commodity Exchange (MCX), gold futures were trading near ₹1,41,950 per 10 gram at the time of writing, while silver futures were around ₹2,16,000 per kg.

 

Gold prices rise

 

Gold futures opened higher on MCX. The benchmark August gold contract opened at ₹1,41,925 per 10 gram, up ₹144 from the previous close of ₹1,41,781.

 

 

At the time of writing, the contract was trading at ₹1,41,957, up ₹176. During the session, it touched a high of ₹1,42,039 and a low of ₹1,41,790. Gold futures had touched their highest level of the year at ₹1,80,779.

 

Silver loses shine

 

Silver futures opened lower. The benchmark September silver contract on MCX opened at ₹2,16,389 per kg, down ₹1,090 from the previous close of ₹2,17,479.

 

At the time of writing, the contract was trading at ₹2,16,000, down ₹1,479. During the session, it touched a high of ₹2,17,479 and a low of ₹2,15,702. Silver futures had touched their highest level of the year at ₹4,20,048 per kg.

 

Gold firm, silver weak in international market

 

In the international market, gold futures opened higher, while silver futures started lower.

 

On Comex, gold opened at $4,060.70 per ounce. The previous closing price was $4,036.30 per ounce. At the time of writing, gold was trading at $4,054.50 per ounce, up $18.20. Gold prices had touched their highest level of the year at $5,586.20 per ounce.

 

Comex silver futures opened at $57.97 per ounce. The previous closing price was $58.08. At the time of writing, silver was trading at $57.76 per ounce, down $0.32. Silver prices had touched their highest level of the year at $121.79 per ounce.