On Wednesday, August 12, gold and silver prices rose in the international market, with both precious metals continuing to see price fluctuations. The movement in global bullion prices was also reflected in the domestic futures market.
Around 9 a.m., Comex Gold was up 0.59% at $4,467.10 per ounce. Comex Silver also rose 1.17% to $65.695 per ounce.
The rise in international gold and silver prices was reflected in the domestic market. Prices in the international bullion market continue to change due to various economic and geopolitical factors.
On India's domestic futures market, the Multi Commodity Exchange (MCX), both gold and silver traded higher on Wednesday morning. Gold gained around Rs 875, taking the MCX price to Rs 1,56,589 per 10 grams.
Silver also recorded a rise of Rs 2,190 and reached Rs 2,37,849 per kilogram around 9 a.m.
Gold and silver prices are influenced by several domestic and international factors, including movements in the US dollar, expectations surrounding global interest rates, inflation data, central bank policies and global economic conditions. Changes in international demand and supply, as well as shifts in investor interest in safe-haven assets, can also lead to fluctuations in precious metal prices.
Higher gold and silver prices can directly affect jewellery buyers. However, MCX prices are not the final retail prices of jewellery. Jewellery prices also include purity, making charges, GST and other costs. Retail prices for 24-carat, 22-carat and other purity levels may therefore differ from MCX prices.
