Gold, Silver Rise as Weaker Dollar Lifts Bullion

Silver futures for September delivery climbed as much as 1.85 per cent or Rs 4,005 to an intraday high of Rs 2,20,408 per kg.

bolt Latest News Updates for You

Gold, Silver Rebound on MCX; Gold Still Near 3-Month Low

NEW

Sensex, Nifty Open Lower as IT Stocks Drag Markets

Sensex, Nifty Slide Over 2% as Brent Hits 6-Month High

The white metal was later trading at Rs 2,18,225, up Rs 1,822 or 0.84 per cent. It hit an intraday low of Rs 2,17,804 during the session.

In the international market, precious metals traded mixed. COMEX gold slipped 0.24 per cent to $4,009.30 per ounce, while COMEX silver gained 0.88 per cent to $56.82 per ounce.

Also Read

Sensex, Nifty Open Lower as IT Stocks Drag Markets Markets

According to the commodity market experts, the near-term outlook for both gold and silver remains cautiously positive despite persistent uncertainty in global markets. 

They said MCX gold is likely to remain supported above the Rs 1.41 lakh level, while a sustained move beyond Rs 1.42 lakh could strengthen the recovery.

Silver is also expected to retain its positive momentum if it manages to hold above the Rs 2.20 lakh mark.

Analysts said the softer US dollar offered support to bullion prices by making gold cheaper for holders of other currencies. 

However, the rally in crude oil prices above $90 per barrel, driven by escalating tensions in the Middle East, has reinforced inflation concerns and expectations of another US Federal Reserve interest rate hike this year.