The minutes of the US Federal Reserve’s recent policy meeting have triggered a rise in gold and silver prices in international markets. The move in the global bullion market also influenced Indian markets, with both gold and silver trading higher on the Multi Commodity Exchange (MCX) in early Thursday trade. Gold gained around ₹444, while silver rose by more than ₹3,500.
Investors are currently focused on the US Federal Reserve’s monetary policy, signals on interest rates and global economic conditions.
Gold and silver prices gained on the international market. According to available data, gold rose around 0.08% to reach $4,549 per ounce on COMEX. Silver recorded a larger increase, rising around 2.11% to $67.125 per ounce.
The gains came as investors assess the US central bank’s next policy steps. Any change or signal regarding the Fed’s interest-rate policy can affect the dollar, bond yields and precious metal prices.
Gold prices also rose on the domestic futures market. In early trade, gold was up around ₹444 at approximately ₹1,58,440 per 10 grams on MCX.
Silver recorded a larger gain than gold. At around 9 am, the price of silver on MCX had risen by ₹3,523 to approximately ₹2,40,310 per kilogram. Silver prices also gained more than 2% in international markets.
Retail gold prices in the domestic market were around ₹1,58,520 per 10 grams for 24-carat gold, while 22-carat gold was priced at around ₹1,45,310 per 10 grams. The price of 18-carat gold was around ₹1,18,890 per 10 grams.
The final price paid by customers may vary depending on the city, jeweller, making charges, taxes and other local charges. The retail price of silver in India was also reported at around ₹2,41,080 per kilogram.
