Gold Prices Rise on Easing Crude Oil Prices and Lower Bond Yields
Gold and silver prices rose on Wednesday as easing crude oil prices and bond yields supported precious metals.
On the Multi Commodity Exchange (MCX), gold futures for October opened at Rs 1,63,202 per 10 grams, up Rs 320 from its previous close of Rs 1,62,882. At around 12:15 am, the yellow metal was trading at Rs 1,62,395 per 10 grams.
Silver futures for September opened at Rs 2,45,583 per kg, up Rs 1,456 from its previous close of Rs 2,44,127. However, at the last count, the white metal was seen at Rs 2,44,200 per kg, down Rs 73 or 0.03 per cent.
The positive backdrop for precious metals is attributed to a weaker dollar and reports that Oman and Iran are discussing reopening the Strait of Hormuz and removing mines, which have eased concerns over disruptions to oil supplies.