Yellow metal prices rose on Wednesday in the domestic market as on the MCX, gold October futures went up to trade at Rs 47,011 per 10 gram. This was Rs 72 more than the previous close of Rs 46,939.
Similarly silver prices also went up, though marginally, as December futures rose by Rs 29 to reach Rs 64,650 per kg. They had stood at Rs 64,621 in the previous session.
At the international level, gold prices were stable after they had slipped during the previous session marginally. The slip had been mainly due to the rise in US treasury yields which had hit the commodity. Spot gold rose stood at $1,796.03 per ounce, which was a bit more than the week’s low of $1,791.90. US gold futures were steady at $1,799.40.
Experts feel that due to the cautious approach of major financial institutions the world over, gold prices prices are likely to remain stable in the global markets.
Commenting on gold trends, head of commodity research at Kotak Securities Ravindra Rao said, “COMEX gold trades marginally higher near $1,800 per ounce after a 1.9 per cent decline in previous session. Gold corrected sharply from recent highs amid gains in US dollar, higher bond yields and sharp rise in Chinese equities. However, supporting price is geopolitical tensions, persisting virus risks and uneven global economic recovery and cautious stance of major central banks. Gold has come off recent highs amid dollar gains however growth worries and cautious tone of central banks may continue to support prices.”