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Gold and silver rise on MCX ahead of key US rate and yield signals
MCX gold October futures were up 0.17% to ₹1,59,700 per 10 grams, while MCX silver September climbed 0.48% to ₹2,44,400 per kg around 9:15 PM, tracking firmer global sentiment.
Gold and silver prices rose in the domestic futures market on Friday morning, supported by positive global cues and steady spot demand. LiveMint Markets said MCX gold October futures gained 0.17% to ₹1,59,700 per 10 grams, while MCX silver September contracts were up 0.48% to ₹2,44,400 per kg around 9:15 PM.
The move mirrored strength in US markets, where gold was on track for a third straight weekly gain. The report linked the backdrop to a weaker dollar index, which was down 0.20% and was set to end the week lower, and to expectations around US Treasury activity.
US 30-year bond yields were also described as likely ending the week lower after the US Treasury announced it would double buybacks on longer-dated debt over the next quarter to at least $4 billion per operation. However, yields later rebounded as fiscal concerns intensified after US debt surpassed $40 trillion, the report said.
The US-Iran conflict remained a key headwind for gold prices, with the report citing remarks by US Vice President JD Vance that the conflict has entered a new phase with a greater emphasis on economic pressure. Ravi Singh, Chief Research Officer at Master Capital Services, said rising yields and rate hike considerations in the Fed’s July minutes could weigh, even as geopolitical uncertainty continues to support gold.
Latest closeGold $4,432.00 ▲1.6%|Silver $64.83 ▼0.1%|Dollar index 99.64 ▼0.3%