Silver Rises Amid Fed Jitters as Gold Prices Continue Downward Trend

Gold prices have been trending downward on the Multi Commodity Exchange (MCX), but silver futures have bucked this trend, rising nearly 0.8% to Rs 2,42,674 per kg.

The gold price for October delivery opened in the red, down 0.04% at Rs 1,58,835 per 10 grams on an intraday basis as of 12:35 pm, but recovered some losses later in the day.

Gold prices have dropped by nearly Rs 5,000 per 10 grams over four sessions, with a strengthening rupee adding to the pressure. In international markets, spot gold fell 0.5% to $4,576.30 per ounce in early trade on Friday.

The market is awaiting indications from US Federal Reserve Chair Kevin Warsh at the Jackson Hole economic symposium, which may influence interest rates and impact gold prices.