National News
Gold and silver rates rise on COMEX recovery
Gold and silver rates in India opened higher on MCX, rebounding from recent losses amid COMEX recovery signals. Spot gold and silver gained after two days of declines, with MCX gold up around 1% near Rs 1.53 lakh per 10 grams and silver up 2% above Rs 2.33 lakh per kg.
MCX gold hovered at approximately Rs 1,53,000 per 10 grams early morning, reflecting a 1% rise. Silver traded above Rs 2,33,000 per kg with nearly 2% gains, touching intraday highs around Rs 2,33,673 per kg.
COMEX gold showed technical recovery signs, ending prior weeks up 1.43% at around $5,022/oz, while silver rose 3.1% to $77.58/oz. A firmer USD and Fed rate pause signals tempered gains, but safe-haven demand persists.
National News
Gold and Silver Futures Open Higher Amid Volatility In Currency and Bond Markets.
Strong Investment Demand and Continued Gold Buying By Central Banks, Especially China’s Central Bank, Further Supported Prices.
Gold and silver futures opened higher on Friday as investors turned to safe-haven assets amid volatility in currency and bond markets.
Gold futures opened higher on MCX. The benchmark October gold contract opened at Rs 1,60,630 per 10 gram, up Rs 1,205 from the previous close of Rs 1,59,425.
Silver futures also opened higher. The benchmark September silver contract on MCX opened at Rs 2,44,988 per kg, up Rs 1,745 from the previous close of Rs 2,43,243.
Rising crude oil prices, following the US move to impose wider sanctions on Iran, also raised concerns about inflation. Strong investment demand and continued gold buying by central banks, especially China’s central bank, further supported prices.
In global markets, gold was trading near $4,590 per ounce on Comex, while silver was around $69 per ounce. On MCX, gold futures were near Rs 1,59,700 per 10 grams and silver futures around Rs 2,44,600 per kg at the time of writing.
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