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Gold and silver rise on spot demand and weaker US dollar
MCX gold October futures climbed 0.42% to ₹1,53,461 per 10 grams, while MCX silver December contracts rose 0.67% to ₹2,40,615 per kg.
Gold and silver prices increased in India’s domestic futures market on Tuesday, supported by healthy spot demand and positive international cues, according to LiveMint Markets. In early trading, MCX gold October series was up 0.42% to ₹1,53,461 per 10 grams, while MCX silver December contracts gained 0.67% to ₹2,40,615 per kg around 9:10 AM.
The report said international gold also rose, with US gold futures for December delivery up 0.40% to $4,485.84 per troy ounce as the US dollar and bond yields eased. The dollar index fell 0.50% to 98.72, and 10-year bond yields cooled to 4.77% from 4.79% in the prior session.
Traders pointed to positioning ahead of the US Federal Reserve policy meeting on 15 to 16 September, with CME FedWatch implying a 60% chance of a rate hike. The piece also cited the US-Iran conflict as a key driver for gold, noting Iran threatened the United States with “economic warfare” and claimed it fired an advanced missile at US warships, while markets also weighed oil prices and inflation concerns.
Latest closeGold $4,431.70 ▲1.9%|Silver $65.91 ▲2.0%|Dollar index 99.58 ▼0.1%