Amid rising crude oil prices and increasing concerns over inflation, gold and silver prices continued to fluctuate. On Tuesday, September 15, gold prices rose in the Indian commodity market, while silver remained under pressure. In the international market, both precious metals recorded marginal declines.
Investors are currently watching crude oil prices, global inflation trends and monetary policy decisions by major central banks. These factors are also influencing demand for and prices of precious metals.
Both gold and silver remained under pressure in the global market on Tuesday. On Comex, gold was down around 0.01% at approximately $4,351.60 per ounce at the time of writing. Similarly, international silver prices also declined. On Comex, silver was trading around 0.29% lower at approximately $63.95 per ounce.
The movement of precious metals in global markets is influenced by factors such as the strength of the dollar, market expectations regarding interest rates and economic uncertainty.
Contrary to the international market, gold opened higher in the Indian commodity market on Tuesday. On the Multi Commodity Exchange (MCX), gold for December delivery rose by around Rs 260 in early trade to approximately Rs 1,52,848 per 10 grams.
The rise in gold came at a time when investors remained cautious over inflation and geopolitical conditions globally. In such an environment, gold is often viewed as a safe investment option.
While gold prices rose, silver remained weak on the MCX. On Tuesday, silver prices declined by around Rs 489 to approximately Rs 2,32,457 per kilogram.
Thus, gold and silver moved in opposite directions in the domestic market. Both metals can be influenced by different factors in global and domestic markets.
According to available market data, the early Tuesday market showed differences in gold prices across various levels of purity. 24-carat gold was trading at around Rs 1,52,020 per 10 grams. The price of 22-carat gold was around Rs 1,39,352 per 10 grams, while 18-carat gold was trading at approximately Rs 1,14,015 per 10 grams.
In the domestic market, silver was trading at around Rs 2,32,340 per kilogram.
