Gold and Silver Prices Swing Amid US Fed Rate Hike Concerns

Gold and silver experienced a volatile trading session on Thursday amid concerns over potential US Federal Reserve rate hikes. The Multi Commodity Exchange (MCX) saw gold futures open at Rs 1,40,672 per 10 grams, down Rs 598 or 0.42% from the previous close of Rs 1,41,270.

However, buying interest emerged later in the session, causing the yellow metal to rise by Rs 719 or 0.50% to touch an intraday high of Rs 1,41,989 as of 11:38 am. Gold subsequently slipped to an intraday low of Rs 1,40,543, down Rs 727 or 0.51% from the previous close.

Silver futures (July) also followed a similar trend on the MCX, opening at Rs 2,10,308, down Rs 2,767 or 1.30% from the previous close of Rs 2,13,075. Silver touched an intraday low of Rs 2,10,043, a decline of Rs 3,032 or 1.42%, before rising to an intraday high of Rs 2,15,950, up Rs 2,875 or 1.34%.

In the international market, gold and silver were traded lower. COMEX gold was down 0.42% at $3,991.80 per ounce, while COMEX silver declined 1.65% to $57.13 per ounce at the time of writing.