Today, gold and silver are trading on the higher side of the Multi Commodity Exchange (MCX). Witnessing a hike of Rs 50 or 0.10 per cent, gold futures, maturing on December 3, 2021, are trading at Rs 49,068 per 10 grams on the MCX.

Meanwhile, recording a marginal hike of Rs 167 or 0.25 per cent, silver futures, maturing on December 3, 2021, stand at Rs 66,329 per kg.

On November 17, gold recorded Rs 115 or 0.23 per cent hike and was trading at Rs 49,340 per 10 grams on the MCX. Silver was retailing at Rs 66,800 per kg yesterday.

Gold and silver prices in international market:

According to Reuters, gold prices inched higher on Wednesday but hovered around a recent low, after a jump in U.S. retail sales kept the dollar close to a 16-month high.

Meanwhile, spot gold rose 0.2 per cent to $1,854.39 per ounce by 0207 GMT, but the metal was still only about $6 shy off its lowest level since last Friday hit in the previous session. U.S. gold futures gained 0.2 per cent to $1,857.10.

On the other hand, U.S. retail sales jumped in October, topping expectations, in an indication that high inflation was not yet dampening spending, even as worries about the rising cost of living sent consumer sentiment tumbling to a 10-year low in early November.

The report drove the dollar to a fresh 16-month peak, pressuring bullion by raising its cost to buyers holding other currencies. The report suggested that gold, often viewed as an inflation hedge, has benefited from the easy monetary policy during the pandemic, but any hike in rates should reduce bullion’s appeal as higher interest rates raise the non-interest-bearing metal’s opportunity cost.

As per the report, spot silver rose 0.6 per cent to $24.95 per ounce.

Gold and Silver prices in Indian cities: