HIGHLIGHTS

• Gold is at Rs 47,185 per 10 grams on the MCX today.
• Silver stands at Rs 63,398 per kg with a downfall of 0.26 per cent.
• Globally, gold was steady above $1,800 on Wednesday.

Both gold and silver are trading on the lower side of the Multi Commodity Exchange (MCX) today. Observing a marginal dip of 0.07 per cent or Rs 33, gold futures, maturing on October 5, 2021, stand at Rs 47,185 per 10 grams on the MCX.

Meanwhile, silver futures, maturing on December 3, 2021, are trading at Rs 63,398 per kg with a downfall of 0.26 per cent or Rs 166.

On Tuesday, gold stood at Rs 46,868 per 10 grams on the MCX. Silver also witnessed a dip of 0.25 per cent and stood at Rs 63,203 per kg. The prices of gold and silver stood at Rs 47,260 and Rs 63,585, respectively, when the market closed yesterday.

Gold and Silver prices on international market:

As per Reuters, gold prices traded on the higher side and above the psychological level of $1,800 on the international market on Wednesday. Meanwhile, the dollar and bond yields came under pressure after an unexpected rise in U.S. inflation led to uncertainties as to when the U.S. central bank will begin reducing its asset purchases.

Meanwhile, spot gold remained firm at $1,802.86 per ounce and U.S. gold futures went down 0.2 per cent to $1,803.80. In another significant development, the Consumer Price Index (CPI) went up 0.1 per cent last month against an expected increase of 0.3 per cent.

According to reports, the Fed will hold a two-day monetary policy meeting next week and the benchmark U.S. 10-year yield hit its lowest reading since August 24.

On the global front, silver fell 0.1 per cent to $23.81 per ounce and platinum was down 0.4 per cent to $935.60 after hitting an over nine-month low of $930.85.

Gold and Silver prices in India: