For the second consecutive day, the precious metals market in India is exhibiting a mixed performance today. Gold prices on the Multi Commodity Exchange (MCX) have experienced a slight decline, while silver rates have shown an increase on September 6.
On the MCX, gold futures, with a maturity date of October 5, 2023, registered a marginal drop of Rs 38, equivalent to 0.06 percent, and were trading at Rs 59,205 per 10 grams.
Conversely, silver futures with a maturity date of December 5, 2023, have surged by Rs 33, or 0.04 percent, reaching a trading price of Rs 73,488 per kilogram.
To provide context, the closing prices for these precious metals on September 5 were Rs 59,243 per 10 grams for gold and Rs 73,445 per kilogram for silver.
It's important to note that gold and silver prices in India are influenced by various factors, including the exchange rate between the rupee and the dollar. Additionally, global demand plays a crucial role in shaping the trends observed in precious metal rates.
Gold and Silver Rates in the International Market
Gold prices in the international market have extended their losses, reaching their lowest level in a week. This decline is attributed to the strengthening of US Treasury yields and the US dollar. Market expectations of persistently high-interest rates have contributed to this trend.
As of the latest metal report, spot gold is subdued at $1,925.70 per ounce, following its most significant one-day loss since August 1, as reported by Reuters. US gold futures have also dipped by 0.1 percent, settling at $1,951.
The US dollar is hovering near its six-month highs, as observed on Tuesday, while 10-year bond yields have reached over one-week highs as market participants assess clues related to interest rates. A stronger US dollar renders gold more expensive for holders of other currencies.
The SPDR Gold Trust recognized as the world's largest gold-backed exchange-traded fund, reported a 0.1 percent decrease in holdings on Tuesday.
In the realm of other precious metals, spot silver has remained steady at $23.53 per ounce.
