Gold, silver regain momentum; crude oil falls below $100 a barrel

Following the softening in crude oil prices, gold and silver prices also lost momentum. However, prices had risen at the start of trading as crude oil crossed the $100 mark. But as trading progressed, crude oil prices fell below $100, leading to a renewed rise in gold and silver prices.

 

In the global market, gold opened with marginal gains. However, prices later declined before recovering again. Silver had a subdued start in the global market, but later prices rebounded sharply. In the domestic market, both metals opened lower but later gained strength. On Comex, gold was trading at around $4,050 per ounce, while silver was trading at around $58.60 per ounce. On MCX, at the time of writing, gold futures were trading at around ₹1,43,100, while silver futures were trading at around ₹2,21,700.

 

 

Gold regains momentum

 

Gold futures opened lower. On MCX, the benchmark August gold contract opened at ₹1,42,392, down ₹429 from the previous close of ₹1,42,821. However, at the time of writing, the contract was trading at ₹1,43,100, up ₹279. During the session, it touched a high of ₹1,43,240 and a low of ₹1,41,742. Gold futures had touched a record high of ₹1,80,779 earlier this year.

 

Silver shines after subdued start

 

Silver futures also had a subdued opening. On MCX, the benchmark September silver contract opened at ₹2,18,280, down ₹1,095 from the previous close of ₹2,19,375. At the time of writing, the contract was trading at ₹2,21,718, up ₹2,343. During the session, it touched a high of ₹2,22,292 and a low of ₹2,17,325. Silver futures had touched a record high of ₹4,20,048 per kg earlier this year.

 

Gold and silver rise in international market

 

In the international market, gold and silver futures recovered after a subdued start. On Comex, gold opened at $4,053.40 per ounce, compared with the previous closing price of $4,050.20 per ounce. At the time of writing, it was trading at $4,056.50 per ounce, up $6.30. Gold had touched a record high of $5,586.20 earlier this year.

 

On Comex, silver futures opened at $57.92 per ounce, compared with the previous closing price of $58.05. At the time of writing, silver was trading at $58.63 per ounce, up $0.58. It had touched a record high of $121.79 earlier this year.  Prices on MCX, Comex (in ₹) 

MCX	Open	Last Close	LTP
Gold	1,42,392	1,42,821	1,43,100
Silver	2,18,280	2,19,375	2,21,718

Comex	Open	Last Close	LTP
Gold	4,053.40	4,050.20	4,056.50
Silver	57.92	58.05	58.63

(Note: On MCX, gold futures prices are quoted in Indian rupees per 10 grams, while silver futures prices are quoted in Indian rupees per kilogram. On COMEX, futures prices for both gold and silver are quoted in US dollars per ounce. The Last Trading Price (LTP) mentioned is as of the time this report was written)