1 week ago
Gold and Silver Rise as Crude Prices, Yields Ease
Gold and silver prices moved higher early on Wednesday.
They were helped by lower oil prices and lower bond yields.
A weaker US dollar also made precious metals look more attractive.
Gold and silver later slipped slightly from their previous closing prices.
In India, gold briefly reached Rs 1,63,202 per 10 grams.
Silver reached an intraday high of Rs 2,46,180 per kilogram.
Reports about Iran and Oman discussing a temporary maritime corridor reduced worries about oil supply disruptions.
Traders are now watching US inflation data for clues about future Federal Reserve interest-rate decisions.
MCX October gold futures opened at Rs 1,63,202 per 10 grams, up Rs 320 from the previous close.
MCX September silver futures opened at Rs 2,45,583 per kilogram, gaining Rs 1,456.
Gold and silver later traded slightly below their previous closes after reaching intraday highs.
COMEX gold rose 0.11% to about $4,699 an ounce, while silver gained 0.74% to nearly $69.
Lower crude prices, bond yields and the weaker dollar supported precious metals amid easing Strait of Hormuz supply concerns.
- Who
- Gold and silver traders, market experts and commodity analysts; Iran and Oman were also mentioned in reports about the Strait of Hormuz.
- What
- Gold and silver prices traded higher early in Wednesday's session, supported by easing crude prices and bond yields, though both later moved slightly below their previous closes.
- Where
- On India's Multi Commodity Exchange and in international COMEX markets.
- When
- Wednesday; the report cited prices around 12:15 am and during the trading session.
- Why
- Lower crude oil prices, bond yields and the US dollar supported precious metals, while reports of possible maritime arrangements involving Iran and Oman eased concerns about oil-supply disruptions.
Key facts
- MCX gold opening
- October gold futures opened at Rs 1,63,202 per 10 grams, up Rs 320.
- MCX gold trading level
- Gold was reported at Rs 1,62,395 per 10 grams, down Rs 487 or 0.3%, at the cited time.
- MCX silver opening
- September silver futures opened at Rs 2,45,583 per kilogram, up Rs 1,456.
- International gold
- COMEX gold gained 0.11% to around $4,699 an ounce.
- International silver
- COMEX silver rose 0.74% to near $69 an ounce.
- Crude oil
- Brent crude fell to around $88 a barrel, extending losses for a third consecutive session.
- Analyst levels
- Gold resistance was identified at Rs 1,63,400 and support near Rs 1,61,130; silver resistance was placed at Rs 2,48,800.
Sources
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