Gold, Silver Rally on Crude Price Decline, Weaker Dollar

Gold and silver futures opened higher on Wednesday due to softer crude oil prices, declining bond yields, and a weaker dollar.

October gold futures on the Multi Commodity Exchange (MCE) started at Rs 1,63,202 per 10 grams, up from their previous close of Rs 1,62,882. However, by around 12:15 pm, gold was trading 0.3% lower at Rs 1,62,395 per 10 grams.

September silver futures began the session at Rs 2,45,583 per kg, gaining Rs 1,456 from their previous close of Rs 2,44,127. Despite this, silver slipped to Rs 2,44,200 per kg, down Rs 73 or 0.03%.

Market analysts attributed the support for bullion to easing crude oil prices and lower bond yields, as well as weakness in the US dollar.