Both gold and silver are retailing on the higher side of the Multi Commodity Exchange (MCX) for the second day in a row on October 19, 2021. Recording a marginal jump of 0.10 per cent or Rs 49, gold futures maturing on December 3, 2021, are trading at Rs 47,410 per 10 grams on the MCX.

Meanwhile, the rate of silver futures, maturing on December 3, 2021, is retailing at Rs 63,618 per kg with a hike of 0.51 per cent or Rs 320.

On Monday, gold stood at Rs 47,220 per 10 grams. Silver stood at Rs 63,235 per kg and recorded a jump of 0.37 per cent or Rs 233. The prices of gold and silver stood at Rs 47,291 and Rs 63,266 respectively, when the market closed on Monday.

Gold and silver prices in international market

On Thursday, gold prices went up and a decline in the dollar was witnessed, reported news agency Reuters. According to reports, U.S. bond yields backed up the precious metal and spot gold rose 0.2 per cent to $1,767.91 per ounce. Meanwhile, U.S. gold futures also inched up 0.2 per cent, according to Reuters.

Meanwhile, the dollar fell 0.1 per cent and weakened near the lows of its recent range and made gold cheaper for buyers in other currencies. In September, U.S. factory production dropped the most in seven months due to the ongoing shortage of global semiconductors. Moreover, supply constraints were hampered due to economic growth, stated the reports.

The reduced stimulus and an increase in interest rates pushed government bond yields up and raised the opportunity of holding non-yielding bullion.

On the other hand, spot silver gained 0.5 per cent to $23.29 an ounce and platinum rose 0.4 per cent to $1,039.40 per ounce on the global front.

Gold and Silver prices in Indian cities