Gold and Silver Prices Rise as Crude Oil Falls in India
Gold and silver prices rose in India on September 18 due to a decline in crude oil prices, which eased inflation pressure. The MCX Gold futures market saw a rise of Rs 682 to an early high of Rs 1,53,663 per 10 grams from the previous close of Rs 1,52,981.
The MCX Silver futures market increased by Rs 2,794 to a high of Rs 2,40,999 per kilogram from the last session's closing of Rs 2,38,205. The MCX Gold was trading at Rs 1,53,532, up Rs 551 or 0.36 percent, while the MCX Silver was quoted at Rs 2,40,600, up Rs 2,395 or 1.01 percent.
Pinky Yadav, Commodity Fundamental Analyst at Choice Broking, said that bullion prices gained support as falling crude oil prices relieved inflation pressures, driving bond yields lower. China bolstered sentiment by increasing gold reserves while paring U.S. Treasury holdings.