Gold and Silver Prices Rise as Crude Oil Eases and Bond Yields Fall

Gold and silver prices rose on Wednesday as easing crude oil prices and lower bond yields supported precious metals. On the Multi Commodity Exchange (MCX), gold futures opened at Rs 1,63,202 per 10 grams, up Rs 320 from its previous close of Rs 1,62,882. Silver futures also opened higher, trading at Rs 2,45,583 per kg, up Rs 1,456 from its previous close.

According to market experts, the recent developments in oil markets and lower bond yields have created a favorable environment for gold and silver prices. The easing of concerns over disruptions to oil supplies has also contributed to the rise in precious metals. Gold has resumed trading on a steady note after reaching a more than three-month high in recent sessions.

The analysts expect MCX Gold to break above Rs 1,63,400 potentially opening the way towards Rs 1,63,900. On the downside, major support for gold is seen around Rs 1,61,130 based on the 20-EMA on the four-hour chart.