HIGHLIGHTS

• Gold stands at Rs 47,299 per 10 grams on the MCX.
• Silver futures maturing on December 3 are trading at Rs 63,776 per kg.
• Internationally, gold prices were underpinned by a subdued dollar.

On August 31, 2021, both gold and silver are trading on the higher side of the Multi Commodity Exchange(MCX). Witnessing a marginal jump, gold futures maturing on October 5, 2021, stand at Rs 47,299 per 10 grams on the MCX. Gold has recorded a hike of 0.25 per cent or Rs 116.

On the other hand, silver futures, maturing on December 3, 2021, are trading at Rs 63,776 per kg with a hike of 0.35 per cent or Rs 222.

Yesterday, gold stood at Rs 47,438 on the MCX and silver recorded a marginal downfall, while trading at Rs 64,085 per kg. The prices of gold and silver stood at Rs 47,164 and Rs 63,587, respectively, on the MCX when the market closed on August 30, 2021.

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.

Gold, Silver on international market:

As per Reuters, gold prices were underpinned by a subdued dollar on the global front as investors were eagerly waiting for U.S. non-farm payrolls data, news agency Reuters reported.

Meanwhile, the dollar traded on the lower side near two-week lows against a basket of currencies as there was no signal from Fed Chief Jerome Powell in connection with the central bank’s tapering timeline.

Spot gold ticked a little higher and rose 0.1 per cent to $1,812.27 per ounce and U.S. gold futures also saw an upward trend with a hike of 0.2 per cent at $1,816.00, reports stated.

Cleveland Fed President Loretta Mester was quoted by Reuters as saying that the U.S. economy is showing signs of recovery. However, she said that she is still not convinced that the recent inflation readings will be enough to satisfy the goal of price stability which was revamped by the central bank a year ago.

With the report of U.S. non-farm payrolls for this month expected on Friday, hopes are high for fresh jobs and speculations are rife that unemployment would fall from 5.4 per cent to 5.2 per cent.

Silver fell 0.1 per cent to $24.03 per ounce and platinum eased 0.3 per cent to $1,003.89 on the international front today.

Gold and Silver prices in India: