On Thursday, July 18th, the precious metals market remained active. On the domestic futures market, the Multi Commodity Exchange (MCX), gold traded with a decline, while silver prices saw renewed gains. In the morning session today, gold prices recorded a slight weakness, while silver crossed the ₹1.12 lakh level.
Gold Prices Decline, Weakness in Early Trading
This morning, the August futures contract for gold opened at ₹97,320 per 10 grams, down by ₹153. The previous closing price was ₹97,473. As of the time of writing, gold was trading at ₹97,399, indicating a decrease of ₹74. During the trading session, the high for the day was ₹97,434 and the low was ₹97,320.
It is worth noting that gold touched a high of ₹1,01,078 per 10 grams this year, but currently, it shows a downward trend.
Silver Prices Reach Above ₹1.12 Lakh Again
On the other hand, the September futures contract for silver saw a bullish environment today. On the MCX, silver opened with a gain of ₹195 at ₹1,12,529 per kg, significantly higher than the previous closing of ₹1,12,334. At the time of writing, silver had reached ₹1,12,588, with a gain of ₹254.
In today's trading session, the high for silver was recorded at ₹1,12,800 and the low at ₹1,12,529. This year, silver touched a high of ₹1,15,136 per kg, which is still in the sights of investors.
Mixed Trend Seen in the International Market Too
In the international market today, gold and silver futures prices showed divergence. On the US commodity exchange Comex, gold opened trading at $3,347.50 per ounce, slightly above the previous closing of $3,345.30. However, it soon slowed down and, at the time of writing, it had fallen by $1.50 to $3,343.80 per ounce.
Notably, gold has touched a high of $3,509.90 per ounce on Comex this year.
Silver Shines on Comex
As for silver, its futures price on Comex opened at $38.42 per ounce. This price was above the previous closing of $38.30. During trading, it maintained its momentum and reached $38.54 per ounce, with a gain of $0.24. This momentum shows that the demand for silver remains in the international market.
Here's a glimpse of the latest gold and silver prices on MCX and Comex in points:
MCX (Multi Commodity Exchange - India):
Gold:
- Opening Price: ₹97,320 per 10 grams
- Previous Closing Price: ₹97,473
- Current Price: ₹97,399
Silver:
- Opening Price: ₹1,12,529 per kg
- Previous Closing Price: ₹1,12,334
- Current Price: ₹1,12,588
Comex (Commodity Exchange - USA):
Gold:
- Opening Price: $3,347.50 per ounce
- Previous Closing Price: $3,345.30
- Current Price: $3,343.80
Silver:
- Opening Price: $38.42 per ounce
- Previous Closing Price: $38.30
- Current Price: $38.54
(Note: Gold prices on MCX are per 10 grams and silver prices are per kg, while prices on Comex are per ounce for both.)
Everyone's Eyes on Market Movement Before Festive Season
The month of July marks the beginning of Sawan, and festivals like Raksha Bandhan, Teej, and Janmashtami are approaching. In such a scenario, buyers and jewelry traders are keeping a close watch on gold and silver prices. Although the slight decline in gold prices in the domestic market has provided some relief, the rise in silver prices has once again turned the rates upwards.
