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. The Multi Commodity Exchange (MCX) saw gold futures trading at Rs 1,63,202 per 10 grams, up Rs 320 from its previous close of Rs 1,62,882.

Meanwhile, silver futures opened at Rs 2,45,583 per kg, up Rs 1,456 from its previous close of Rs 2,44,127. The white metal touched an intraday high of Rs 2,46,180, an increase of 0.84 per cent or Rs 2,053.

Market experts attribute the rise in gold and silver prices to a weaker dollar and easing concerns over disruptions to oil supplies. Reports that Oman and Iran are discussing reopening the Strait of Hormuz and removing mines have eased concerns over potential supply disruptions.