HIGHLIGHTS

• Gold is trading at Rs 47,438 per 10 grams on the MCX.
• Silver stands at Rs 64,085 per kg, with a drop of Rs 30 or 0.05 per cent.
• In New Delhi, gold (22 carat) is being sold at Rs 46,720 per 10 grams.

After witnessing a marginal hike on Friday, both gold and silver are trading on the lower side of the Multi Commodity Exchange (MCX) on Monday. Gold futures, maturing on October 5, 2021, stand at Rs 47,438 per 10 grams, recording a drop of Rs 97 or 0.20 per cent.

Meanwhile, silver futures maturing on December 3, 2021, are retailing at Rs 64,085 per kg, with a drop of Rs 30 or 0.05 per cent.

On Friday last week, gold stood at Rs 47,300 per 10 grams, recording a hike of Rs 172 or 0.32 per cent and silver was trading at Rs 62,830 per kg, witnessing a hike of Rs 210 or 0.33 per cent.

Gold and silver prices on the international market:

According to Reuters, on Monday, gold prices rose to a near four-week high after U.S. Federal Reserve chief Jerome Powell stopped short of providing any clear guidance on a stimulus tapering timeline and boosted hopes that interest rates may remain lower for longer. U.S. gold futures edged slightly lower by 0.1 per cent to $1,817.

Spot gold was steady at $1,814.86 per ounce after hitting its highest since August 4.

Meanwhile, silver rose by 0.3 per cent to $24.07 per ounce, while platinum gained 0.3 per cent to $1,011.23. Palladium was 0.1 per cent higher at $2,421.49.

Gold and silver prices in India:

In India, gold and silver rates largely depend on the international prices and are calculated keeping the latter as bases. Other factors like the USD to INR conversion rate and the supply and demand of gold and silver in MCX trading also play a key role in determining the prices of these precious metals.