Gold and Silver Prices Rise on Easing Crude Oil Prices and Bond Yields
Gold and silver prices rose in early trade on Wednesday, driven by easing crude oil prices and bond yields. On the Multi Commodity Exchange (MCX), gold futures (October) started at Rs 1,63,202 per 10 grams, up from its previous close of Rs 1,62,882.
The yellow metal traded at Rs 1,62,395 per 10 grams around 12:15 am, down Rs 487 or 0.3 per cent. However, it jumped as much as 0.19 per cent or Rs 320 to hit an intraday high of Rs 1,63,202.
Silver futures (September) opened at Rs 2,45,583 per kg, up Rs 1,456 from its previous close of Rs 2,44,127. It touched an intraday high of Rs 2,46,180, an increase of 0.84 per cent or Rs 2,053.
Market experts attributed the rise in gold and silver prices to easing crude oil prices and lower bond yields, as well as a weaker dollar. They also noted that reports of discussions between Oman and Iran on reopening the Strait of Hormuz had eased concerns over disruptions to oil supplies.