Once again, both gold and silver are trading on the lower side of the Multi Commodity Exchange (MCX) on Friday. Witnessing a downfall of 0.45 per cent or Rs 224, gold futures maturing on December 3, 2021, stand at Rs 49,199 per 10 grams.

Meanwhile, recording a dip of 1.05 per cent or Rs 700, the rate of silver futures, maturing on December 3, 2021, stands at Rs 66,401 per kg.

Yesterday, while gold was trading at Rs 49,199 per 10 grams on the MCX, silver was at 66,401 per kg after recording a marginal dip of Rs 279 or 0.42 per cent.

Gold and silver prices in the international market:

As per Reuters, gold prices inched higher on Friday but were set for their first weekly decline in three as rising inflation fuelled bets of quicker interest rate hikes and dented bullion’s appeal.

Meanwhile, spot gold rose 0.2 per cent to $1,861.43 per ounce by 0241 GMT, but was down 0.1 per cent so far in the week. U.S. gold futures also gained 0.2% to $1,864.00.

The prospect of earlier interest rate hikes also helped the dollar rise, further reducing gold’s appeal by raising the metal’s cost to buyers holding other currencies.

On the other hand, spot silver rose 0.4% to $24.88 per ounce but was on track for its first weekly fall in three years.

Gold and Silver prices in major Indian cities: