Gold and silver prices rose in international and Indian domestic markets on Monday, August 17, the first trading day of the week, following continued volatility in both precious metals during the previous week. Gold and silver also traded at higher levels on the Multi Commodity Exchange (MCX).
Gold prices gained in the international commodity market Comex on Monday morning. According to available market data, at around 9 am, gold was trading at approximately $4,446.70 per ounce, up about 0.21%.
The rise came as global markets continued to track economic data and expectations surrounding future monetary policy decisions by major central banks. Investors were also monitoring US economic indicators and potential interest-rate decisions.
Silver prices also rose in the international market. On Comex, silver was trading at approximately $65.720 per ounce, up about 0.94%.
Silver prices are influenced not only by investment demand but also by industrial consumption. The metal is used in solar panels, electronics and several other industries, making changes in global industrial demand a factor affecting prices.
Gold prices also rose in India's domestic futures market. On the MCX, gold was trading at around ₹1,54,909 per 10 grams, up approximately ₹403, at the time of writing.
Gold prices in the Indian market are influenced by international prices as well as the rupee-dollar exchange rate, import duties and local demand. Physical gold demand during festivals and the wedding season can also affect domestic market prices.
Silver prices recorded a larger increase on the MCX. At around 9 am, silver was trading at approximately ₹2,37,841 per kilogram after rising by about ₹1,917.
Silver therefore recorded a larger percentage gain than gold during the initial trading session. In the domestic futures market, silver was trading at around ₹2.37 lakh per kilogram.
