Gold, silver prices strengthen despite US Federal Reserve rate hike

Gold and silver prices strengthened instead of falling after the Federal Reserve raised interest rates. Oil prices softened amid Saudi Arabia’s efforts to restore supply through the east-west pipeline, while US President Donald Trump is set to meet leaders from Gulf countries next week.

 

In early trade on Friday, September 18, gold and silver prices were trading firm. In the global market, gold futures on Comex were trading near $4,400 per ounce, while silver was trading near $66.60 per ounce.

 

In the domestic market, gold futures on the Multi Commodity Exchange (MCX) were trading near ₹1,53,000 per 10 gram at the time of writing, while silver futures were trading near ₹2,39,250 per kg.

 

Gold rises after weak start

Gold futures opened lower. On the MCX, the benchmark October gold contract opened ₹731 lower at ₹1,52,250 per 10 gram. The previous close was ₹1,52,981.

 

However, at the time of writing, the contract was trading ₹69 higher at ₹1,53,050. It touched an intraday high of ₹1,53,105 and a low of ₹1,52,171.

 

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 ₹273 higher at ₹2,38,478 per kg. The previous close was ₹2,38,205.

 

At the time of writing, the contract was trading ₹1,044 higher at ₹2,39,249. It touched an intraday high of ₹2,39,970 and a low of ₹2,38,173.

 

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

Gold soft, silver firm in international market

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

 

On Comex, gold opened at $4,381.60 per ounce. The previous closing price was $4,399.70. At the time of writing, it was trading $3.20 lower at $4,396.50 per ounce.

 

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

 

Comex silver futures opened at $65.76 per ounce. The previous closing price was $66.09. At the time of writing, silver was trading $0.50 higher at $66.59 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.