HIGHLIGHTS

• Gold rates stand at Rs 46,927 per 10 grams on the MCX. 
• Silver is retailing at Rs 63,474 per kg on the MCX.
• Globally, gold prices were stuck in a narrow range on Monday.

On Monday, both gold and silver prices recorded a change on the Multi Commodity Exchange (MCX). Witnessing a hike of Rs 74 or 0.16 per cent, gold futures, maturing on October 5, 2021, are trading at Rs 46,927 per 10 grams on the MCX.

Meanwhile, silver futures, maturing on December 3, 2021, are retailing at Rs 63,474 per kg on the MCX, observing a downfall of Rs 156 or 0.25 per cent.

The gold, silver and other metal prices are determined by keeping international prices as the basis in India. Other factors such as the value of the rupee against the dollar and global demand also play a crucial role in deciding the rates of precious metals.

Gold and Silver rates on international market

As per Reuters, gold prices were stuck in a narrow range on Monday, with cautious investors awaiting readings on U.S. consumer prices that could be crucial to the Federal Reserve’s decision on when to exit its super-supportive policy.

Meanwhile, spot gold rose 0.2 per cent to $1,791.01 per ounce by 0318 GMT, after posting a weekly decline of 2.1 per cent. U.S. gold futures were flat at $1,791.90. Silver was steady at $23.71.

Gold is in a range between $1,760 and $1,830 and that reflects general indecision at the moment about virus, growth, inflation expectations and policy, Rodda added. The data on Friday showed U.S. producer prices increased solidly in August, leading to the biggest annual gain in nearly 11 years, the report claimed.

The reading sent the benchmark U.S. 10-year Treasury yield higher and left gold down 2.1 per cent for the week. The dollar index slightly strengthened in the Asian trade, making gold more expensive for holders of other currencies.

Gold and Silver prices in India: