Today, the domestic market is witnessing trading with stability in the prices of gold and silver. Considering the current rates, 24-carat gold is trading around ₹97,450 per 10 grams. Meanwhile, the price of silver is also holding steady, trading at approximately ₹1,07,450 per kilogram.
On the Multi Commodity Exchange (MCX), the August gold futures contract opened at ₹97,389 per 10 grams, down by ₹1. However, it saw some recovery shortly after, reaching around ₹97,450. This also marked the day's highest level, while ₹97,389 was the day's lowest.
Compared to the previous closing price of ₹97,390, gold initially declined but gradually gained strength. Considering the current trend, market experts believe that investors are currently being cautious and awaiting international cues.
Gold has touched a record high this year
The highest level gold has reached this year is ₹1,01,078 per 10 grams. This price was seen when there was volatility in the global market and b buying by investors. During that time, gold strengthened investors' portfolios. Currently, there is fluctuation in the market, due to which the movement of gold appears slow but stable.
Silver prices decline, market sluggish
Speaking of silver, a weakness was recorded today. The September contract on MCX started at ₹1,07,411 per kg, down by ₹107. The previous closing price was ₹1,07,518. During trading, the price of silver further slipped and had reached ₹1,07,457 per kg by the time the news was written.
During this time, the highest level of silver was ₹1,07,457 and the lowest level was ₹1,07,313. In other words, there was no major movement in silver during the day's trading, but the trend remained negative.
Silver's highest level of the year
This year, silver futures have reached up to ₹1,09,748 per kg. This level was seen when there was a surge in silver demand internationally and stress was seen in supply due to industrial use. However, currently, the prices are under some pressure due to the softening of demand and the strength of the dollar.
Gold's slow movement in the international market
In the international market, i.e., COMEX, gold started with a rise. Gold opened at $3,369 per ounce. The previous closing price was $3,359.70 per ounce. But after a while, a decline was seen, and it was trading at $3,357.40 per ounce, down by $2.30, when the news was written.
This decline was seen to some extent due to the strengthening of the US dollar and the rise in US bond yields. In addition, global economic indicators and figures related to inflation are also affecting the movement of gold.
Silver also slumped on COMEX
Speaking of silver, its futures price on COMEX opened at $36.79 per ounce. While the previous closing price was $36.72 per ounce. During trading, the price of silver fell and it was trading at $36.60 per ounce, down by $0.12, when the news was written.
The movement of silver in the international market remains weak. Investors are focusing on the statements and figures of the US Federal Reserve coming this week, which may see fluctuations in prices going forward.
Key prices on MCX and COMEX
Market Opening Price Previous Close Latest Price (LTP)
MCX (Gold) ₹97,389 ₹97,390 ₹97,450
MCX (Silver) ₹1,07,411 ₹1,07,518 ₹1,07,457
Comex (Gold) $3,369 $3,359.70 $3,357.40
Comex (Silver) $36.79 $36.72 $36.60
(Note: Prices on MCX are in rupees per 10 grams, while silver prices are in rupees per kilogram. Prices of both metals on COMEX are recorded in dollars per ounce.)
Cautious atmosphere in the market
Looking at the movement of gold and silver, it is clear that there is no major wave of growth in the market at present. Investors are cautious and are waiting for any major signals. The market is particularly focused on the next meeting of the US Federal Reserve and the trend of global interest rates. In addition, the position of the dollar and the price of crude oil can also affect the prices of these metals.
