MCX Gold and Silver Futures Open Higher on Lower Crude Prices

Gold and silver futures on India's Multi Commodity Exchange (MCX) opened higher on Wednesday, fueled by lower crude oil prices and declining bond yields. The MCX gold October contract rose to Rs 1,63,202 per 10 grams before turning lower, while the September silver contract reached a high of Rs 2,46,180 per kg.

The precious metals benefited from softer crude oil prices, with Brent crude falling to around $88 a barrel. This easing in crude oil prices reduced concerns about possible disruptions to global oil supplies and boosted gold's appeal as a safe-haven asset.

Market analysts pointed out that lower bond yields also supported the bullion market, while weakness in the US dollar further improved the backdrop for precious metals.