Gold Prices Gain on MCX Amid Uneasy U.S. Fiscal Outlook

Gold prices on the Multi Commodity Exchange (MCX) gained on Tuesday, but silver prices declined. The gold call option with a strike price of Rs 1.70 lakh was trading at Rs 491.50, up Rs 19 or 3.87 percent.

In the international market, spot gold held above $4,650 per ounce, while spot silver fell more than 1 percent to around $68 per ounce.

The November silver futures contract on the MCX was trading at Rs 2,52,757 per kg, down Rs 1,257 or 0.50 percent.

Devarsh Vakil, Head of Prime Research at HDFC Securities, said gold settled higher near $4,690 per ounce, continuing its bullish trend amid an uneasy U.S. fiscal outlook and rising inflation expectations.