Gold and Silver Prices Rise on Easing Crude Oil Prices and Lower Bond Yields
Gold and silver prices in India rose on Wednesday due to easing crude oil prices and lower bond yields, which created an environment favorable for precious metals. The Multi Commodity Exchange (MCX) saw gold futures (October) open at Rs 1,63,202 per 10 grams, up Rs 320 from its previous close of Rs 1,62,882.
The yellow metal initially traded lower but rebounded to hit an intraday high of Rs 1,63,202, a gain of 0.19% or Rs 320. Meanwhile, silver futures (September) opened at Rs 2,45,583 per kg, up Rs 1,456 from its previous close of Rs 2,44,127.
In international markets, COMEX gold was up 0.11% at around $4,699 an ounce, while COMEX silver gained 0.74% to trade near $69 an ounce. Market experts attribute the support for precious metals to easing crude oil prices and lower bond yields, as well as a weaker dollar.
Commodity analysts predict that gold may 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.