Global Yields Rise, Gold and Silver Futures Fall on MCX

Gold and silver futures on MCX opened lower on Wednesday due to rising global yields. The yield on the 30-year US Treasury bond reached a 19-year high, while government bond yields in major economies rose to multi-decade highs.

The benchmark October gold contract on MCX opened at ₹1,53,900 per 10 gram, down ₹362 from the previous close of ₹1,54,262. However, easing expectations of an interest rate increase by the Federal Reserve remained a positive factor for gold and silver.

In the global market, gold was trading near $4,410 per ounce on Comex, while silver was around $63 per ounce. Gold prices had touched their highest level of the year at ₹1,80,779 on MCX, while silver futures had reached ₹4,20,048 per kg.