Both gold and silver registered a hike on the Multi Commodity Exchange (MCX) for the third day in a row, on Wednesday. The rate of gold futures, maturing on December 3, 2021, stands at Rs 47,355 per 10 grams with a hike of 0.23 per cent or Rs 108. Recording a slight jump of 0.09 per cent or Rs 55, silver futures, maturing on December 3, 2021, are retailing at Rs 64,420 per kg.

On Monday, both gold and silver recorded a hike on the MCX. Gold traded at Rs 47,410 per 10 grams. The rate of silver stood at Rs 63,618 per kg. The prices of gold and silver stood at Rs 47,280 and Rs 64,450 respectively, when the market closed on October 19.

Gold and silver prices in international market

On the international front, gold prices edged lower on Wednesday as the metal’s appeal was dented by surging U.S. bond yields, reported news agency Reuters. Spot gold fell 0.1 per cent to $1,767.71 per ounce and U.S. gold futures ticked downwards and dropped 0.1 per cent to $1,768.40.

Meanwhile, the metal went up as much as 1.2 per cent on Tuesday and U.S. benchmark 10-year Treasury yields also surged to their highest since May 20, as per the reports.

A majority of economists in a Reuters poll opined that the Federal Reserve will wait until 2023 before increasing interest rates even though persistent inflation poses a greater risk for the U.S. economy in the coming year.

Fed policymakers may have to adopt a ‘more aggressive policy response’ if inflation keeps rising at its current pace in the near future. Spot silver went down 0.1 per cent to $23.62 an ounce and platinum fell 0.4 per cent to $1,035.96 on the global front.

Gold and Silver prices in Indian cities