Mumbai — Gold and silver prices traded higher Wednesday as easing crude oil prices, lower bond yields and a weaker dollar provided support to precious metals.
On the Multi Commodity Exchange, October gold futures opened at Rs 1,63,202 per 10 grams, up Rs 320 from the previous close of Rs 1,62,882.
By around 12:15 p.m., however, gold was trading at Rs 1,62,395 per 10 grams, down Rs 487, or 0.3 percent. During the session, the metal touched a high of Rs 1,63,202 and a low of Rs 1,62,286.
September silver futures opened at Rs 2,45,583 per kilogram, up Rs 1,456 from the previous close of Rs 2,44,127. Silver later traded at Rs 2,44,200 per kilogram, down Rs 73, or 0.03 percent, after reaching an intraday high of Rs 2,46,180.
In international markets, COMEX gold was up 0.11 percent at about $4,699 an ounce, while COMEX silver gained 0.74 percent to trade near $69 an ounce.
Market analysts said lower crude oil prices and bond yields were supporting precious metals, while weakness in the U.S. dollar also provided a favorable backdrop.
Reports that Oman and Iran are discussing reopening the Strait of Hormuz and removing mines have also eased concerns about potential disruptions to global oil supplies.
Gold has been trading near a more than three-month high, with investors now focusing on upcoming U.S. inflation data for clues about the Federal Reserve’s interest rate outlook.
Analysts said MCX gold has recently traded in a range of Rs 1,62,500 to Rs 1,63,400. A sustained move above Rs 1,63,400 could push prices toward Rs 1,63,900, while major support is seen around Rs 1,61,130.
For MCX silver, resistance is seen near Rs 2,48,800. A breakout above that level could strengthen momentum and push prices toward Rs 2,55,000, analysts said.
Brent crude, meanwhile, slipped to around $88 a barrel, extending losses for a third consecutive session amid reports that Iran and Oman were discussing a temporary joint maritime corridor in the Strait of Hormuz. (Source: IANS)
