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Gold and silver rise on MCX as the dollar softens and yields fall
US Treasury plans to double liquidity support buybacks for longer-dated notes and bonds helped push US yields and the dollar lower, lifting metals demand.
Gold and silver prices climbed in morning trade on India’s MCX on Thursday, with support tied to a softer US dollar and declining bond yields, according to LiveMint Markets.
MCX gold October futures were up 0.25% at ₹1,58,391 per 10 grams, while MCX silver September contracts rose 1.23% to ₹2,39,709 per kg around 9:20 AM.
LiveMint Markets also linked the move in global and US prices to action from the US Treasury Department, which said it would double the size of liquidity support buyback operations for longer-dated notes and bonds.
As a result, US gold prices moved to levels near their highest in more than two months, as the announcement dragged yields and the dollar lower, providing a tailwind for precious metals.
Latest closeGold $4,432.00 ▲1.6%|Silver $64.83 ▼0.1%