Precious metals have shown mixed trends in the Indian markets today. While gold is trading on the lower side of the Multi Commodity Exchange (MCX), silver rates have recorded a hike on Wednesday, August 16.
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Gold futures, maturing on October 5, 2023, saw a marginal dip of Rs 128 or 0.22 per cent on the MCX and were trading at Rs 58,862 per 10 grams.
Meanwhile, silver futures maturing on September 5, 2023, recorded a jump of Rs 46 or 0.07 per cent, and were trading at Rs 70,021 per kg.
Notably, the prices of gold and silver stood at Rs 58,974 per 10 grams and Rs 69,954 per kg respectively when the market closed.
GOLD, SILVER PRICES IN MAJOR CITIES
The gold and silver prices in India depend on several factors, including the value of the rupee against the dollar. Global demand also plays a key role in determining the trends observed in the rate of precious metals.
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GOLD, SILVER RATES ON INTERNATIONAL MARKET
Gold prices stalled on Wednesday, a day after breaching the key $1,900 support level for the first time in 1-1/2 months as U.S. Treasury yields were boosted on expectations the Federal Reserve is not yet finished with its rapid monetary tightening cycle, news agency Reuters reported.
According to the latest metal report, spot gold held its ground at $1,903.70 per ounce by 0317 GMT, while U.S. gold futures were flat at $1,935.40.
Gold on Tuesday dropped to as low as $1,895.50 an ounce, its weakest level since end-June, as benchmark 10-year U.S. Treasury yields hit an almost 10-month high, making them more attractive than non-interest-bearing bullion.
“Gold prices continue to struggle with the relentless rise in real yields lately, along with strength in the U.S. dollar, which seems to be reducing gold’s appeal and driving some shunning among investors,” said Yeap Jun Rong, a market strategist at IG.
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In other metals, spot silver rose 0.4 per cent to $22.59 an ounce.
