Gold and Silver Prices Rise as Oil Prices Eases and Dollar Weakens

Gold and silver prices are trending upwards on the Multi Commodity Exchange (MCX) as easing crude oil prices and lower bond yields provide support. On MCX, gold futures for October opened at Rs 1,63,202 per 10 grams, up Rs 320 from its previous close of Rs 1,62,882.

At around 12:15 am, the yellow metal was trading at Rs 1,62,395 per 10 grams, down Rs 487 or 0.3 percent. It has touched an intraday high of Rs 1,63,202 and a low of Rs 1,62,286, with silver futures for September opening at Rs 2,45,583 per kg, up Rs 1,456 from its previous close of Rs 2,44,127.

Market experts attribute the increase in precious metal prices to easing crude oil prices and lower bond yields. A weaker dollar has also provided a positive backdrop for gold and silver. Reports that Oman and Iran are discussing reopening the Strait of Hormuz and removing mines have eased concerns over disruptions to oil supplies.