Today, both precious metals, i.e. gold and silver are trading on the higher side of the Multi Commodity Exchange (MCX). Witnessing a hike of Rs 117 or 0.25 per cent, gold futures maturing on December 3, 2021, are retailing at Rs 47,220 per 10 grams on the MCX.

Meanwhile, recording a jump of Rs 233 or 0.37 per cent, silver futures, maturing on December 3, 2021, stand at Rs 63,235 per kg on the MCX.

Gold and silver prices in international market

As per Reuters, gold prices were nearly flat on Monday, struggling to recover from a steep sell-off in the previous session as both U.S. bond yields and the dollar climbed, further weighing on bullion.

The spot gold was little changed at $1,768.06 per ounce by 0418 GMT, after slipping 1.6 per cent on Friday. U.S. gold futures were flat at $1,767.80.

Denting gold’s appeal by raising the non-interest bearing asset’s opportunity cost, benchmark U.S. 10-year Treasury yields moved up and were close to last week’s multi-month highs.

Treasury yields rose sharply on Friday after data showed U.S. retail sales unexpectedly rose in September, which bolstered expectations for sooner-than-anticipated interest rate hikes from the Federal Reserve.

The dollar also strengthened, making gold more expensive for buyers in other currencies, as per the report.

Investors also took stock of data showing China’s economy grew slower than expected in the third quarter, with power outages and supply bottlenecks hurting factories.

Meanwhile, spot silver rose 0.1 per cent to $23.31 per ounce, while platinum eased 0.4 per cent to $1,050.76 and palladium fell 0.4 per cent to $2,063.55.

Gold and Silver prices in Indian cities