Commodities
US Interest Rate Fears Send Gold and Silver Prices Plummeting
Gold and silver futures on the Multi Commodity Exchange (MCX) weakened in early trade on Tuesday due to concerns over a possible increase in US interest rates.
The benchmark October gold contract opened at ₹1,51,115 per 10 gram, down ₹115 from the previous close of ₹1,51,230.
Silver futures also opened lower, with the benchmark December silver contract on MCX opening at ₹2,32,229 per kg, down ₹461 from the previous close of ₹2,32,690.
In the international market, gold and silver futures were trading lower. Gold was trading near a five-week low at around $4,350 per ounce, while silver was around $64 per ounce on Comex.