On November 5, 2021, both gold and silver are trading on the higher side of the Multi Commodity Exchange(MCX). Witnessing a hike of Rs 571 or 1.21, gold futures, maturing on December 3, 2021, are retailing at Rs 47,300 per 10 grams on the MCX.

Meanwhile, the rate of silver futures, maturing on December 3, 2021, stands at Rs 62,750 per kg, recording a jump of Rs 1,759 or 2.82 per cent on the MCX.

Gold and silver prices in international market

As per the metal report by Reuters, gold prices were on track for a weekly gain on Friday, supported by the U.S. Federal Reserve’s decision not to rush into raising interest rates, which also weakened bond yields.

Meanwhile, spot gold rose 0.1 per cent to $1,793.63 per ounce by 0419 GMT, and was up 0.7 per cent so far in the week. The U.S. gold futures gained 0.1 per cent to $1,794.40.

Gold, which pays no interest, tends to benefit when interest rates are low as it reduces the opportunity cost of holding bullion.

According to the report, investors now eye U.S. nonfarm payrolls data due later on Friday to gauge the health of the labor market and how that might influence the Fed’s outlook on rates.

Meanwhile, spot silver rose 0.2 per cent to $23.82 per ounce and platinum gained 0.4 per cent to $1,029.70.

Gold and Silver prices in Indian cities: